New Hampshire blocks bitcoin-backed bond plan in setback for state crypto finance push
New Hampshire halts a proposed state-linked bitcoin-backed bond at the final approval stage, ending what had been positioned as a first-of-its-kind government finance effort. The 3-2 vote by the Executive Council stops a structure that would have supported up to $100 million in private-sector debt tied to Bitcoin mining and data center company CleanSpark.
Highlights
- The New Hampshire Executive Council rejected the bitcoin-backed bond project in a 3-2 vote, ending the state's approval process.
- Moody's Ratings had assigned a Ba2 rating to the planned bond, which would have been the first rated bitcoin-backed bond issued by a U.S. state authority.
- The decision, driven by concerns over the state's financial reputation, represents a setback for New Hampshire's efforts to integrate crypto finance into public structures.
Executive Council vote ends bond approval process
As reported by CoinDesk, the New Hampshire Executive Council rejects the bond project in a 3-2 vote, closing off the last required government approval for the transaction.The instrument is to be issued by the Business Finance Authority of the State of New Hampshire and is designed to back a private-sector bond linked to CleanSpark. The proposal had drawn attention because it is expected to become the first rated bitcoin-backed bond issued under a state's authority, and Moody's Ratings had given it a Ba2 rating only a few months earlier.
Keith Ammon, majority floor leader in the New Hampshire House of Representatives and a longtime crypto advocate, calls the decision "extremely short-sighted" in a post on X. He also tells CoinDesk that the issue may be shaped by an election year for council members and says supporters are not giving up.
Crypto policy momentum faces a reputational test
Opponents of the project side with concerns about the state's financial reputation, a factor that appears to weigh heavily in the final decision. The vote marks a notable reversal for a state that has been among the most active in developing crypto policy.New Hampshire became the first state to establish a crypto reserve last year, moving ahead of an unfinished federal effort in the U.S. The failure of the bond proposal now creates a setback for broader attempts to connect state-level public finance structures with digital asset markets.
In our earlier coverage of CleanSpark (CLSK), we noted the stock rose after the company reported stronger June bitcoin production and an expansion of its bitcoin reserves. The report also highlighted key risks for investors, including elevated short interest, the use of bitcoin holdings as collateral affecting liquidity, and ongoing technical weakness despite the rebound.
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