New Hampshire is taking another big step toward using Bitcoin in public finance. On Wednesday, the state’s Governor and Executive Council will hold a public hearing . They will decide whether to approve a plan for up to $100 million in Bitcoin-backed bonds.
If approved, the plan would move forward as one of the first municipal bond projects in the US linked to Bitcoin.
The bonds would help finance private Bitcoin purchases through a company connected to Bitcoin miner CleanSpark. The state would not borrow the money itself. Instead, it would act as a middleman by issuing the bonds. Meanwhile, the private borrower is responsible for paying investors back.
State officials say this means taxpayer money is not at risk.
Governor Kelly Ayotte has called the idea a way to attract investment. Additionally, it would make New Hampshire a leader in digital finance without using public funds.
New Hampshire has been one of the most crypto-friendly states in the US. In 2025, it became the first state to create a strategic Bitcoin reserve. This allows the government to invest a small portion of public funds in large digital assets like Bitcoin.
The new bond proposal is another move that could strengthen the state’s position in the crypto industry.
Not everyone is convinced the idea is a good one.
Financial experts warn that Bitcoin’s price can change very quickly. If the value of the Bitcoin used as collateral drops too much, around 12.5% from the required level, the bonds could be forced into early liquidation.
Moody’s has also given the proposed bonds a Ba2 rating. This rating is considered speculative and carries higher credit risk than investment-grade bonds.
Finance professor David Krause said the project could be a useful experiment. However, it may not be practical as a long-term public financing tool because of Bitcoin’s volatility.
The hearing is expected to be the final major government step before the bonds can be issued. While approval seems likely, the real challenge will come after launch. The project’s success will depend heavily on Bitcoin’s price and market conditions.
If the plan moves forward, New Hampshire could set an example for other US states. Other states are exploring new ways to use digital assets in public finance.
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