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New Hampshire kills $100 million bitcoin bond plan

The New Hampshire Executive Council voted 3-2 against a state-backed bond tied to CleanSpark’s bitcoin mining and datacenter operations, ending the final approvals step.

Reported · Written up by our desk · Regulation

New Hampshire has canceled a state-government effort to create what was expected to be the first rated, bitcoin-backed bond issued under state authority, according to CoinDesk. CoinDesk reports the New Hampshire Executive Council rejected the proposal at the final stage of government approval in a 3-2 vote, ending the project that had been positioned as a first-of-its-kind government-linked bitcoin bond.

The plan would have involved the Business Finance Authority of the State of New Hampshire backing a private-sector bond of up to $100 million tied to Bitcoin mining and datacenter firm CleanSpark. CoinDesk also notes the decision came months after Moody’s Ratings assigned the bond a Ba2 rating, and the council sided with concerns about the state’s financial reputation. Keith Ammon, described by CoinDesk as a longtime crypto advocate and majority floor leader in the New Hampshire House of Representatives, criticized the outcome as short-sighted and urged reconsideration at a future meeting.

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