Overview
- State Business Finance Authority approved the bond on Nov. 17 as a conduit financing, explicitly shielding taxpayers from repayment risk.
- Structure requires about 160% BTC collateral with liquidation near 130% if coverage falls, and BitGo is designated as the third‑party custodian.
- The model is designed to let corporate borrowers access capital without selling Bitcoin or triggering taxable events.
- Fees from the transaction and any collateral appreciation will flow to New Hampshire’s Bitcoin Economic Development Fund.
- Wave Digital Assets and Rosemawr Management designed the structure with legal support from Orrick, positioning it as a potential template for wider municipal use and institutional adoption.