New Hampshire's Bitcoin-Backed Bond: A Historic Leap
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
New Hampshires Bitcoin-backed Municipal Bond: A Moodys Rating and Its Implications
New Hampshire has taken a significant step towards launching the worlds first Bitcoin-backed municipal bond, receiving a provisional Ba-two rating from Moodys. This speculative grade indicates high credit risk but allows the project to proceed with its $100 million goal. The rating considers Bitcoins volatility, despite recent stabilization, and factors in a 72.06% advance rate and a two-day exposure window. The New Hampshire Business Finance Authority approved the project in November, enabling companies to borrow against overcollateralized Bitcoin holdings. BitGo Trust manages Bitcoin custody, while Wave Digital Assets and Rosemawr Management constructed the structure. Although Bitcoins price swings pose risks, this development could open the door for more crypto-linked public finance initiatives in the future.
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