Overview
- The Business Finance Authority approved up to $100 million in bonds secured by Bitcoin, marking a first for U.S. municipal‑style finance.
- The deal is explicitly non‑recourse to the state, with BitGo holding collateral and the BFA acting only as facilitator without repayment risk.
- Borrowers must post roughly 160% of the bond’s value in Bitcoin, with automated liquidation near 130% to protect bondholders.
- Fees from the transaction and any appreciation in posted Bitcoin will flow into New Hampshire’s Bitcoin Economic Development Fund.
- Wave Digital Assets and Rosemawr Management designed the structure with legal support from Orrick to fit familiar fixed‑income standards.