In a fresh update, New Hampshire is preparing for a landmark decision that could reshape the relationship between cryptocurrency and public finance. State leaders are set to review a proposal to establish a $100 million Bitcoin-backed municipal bond. If approved, the initiative would mark a major milestone for both the municipal bond market and the digital asset industry.
New Hampshire Moves Closer to Historic Bitcoin Bond
According to a recent report, New Hampshire Governor Kelly Ayotte and the Executive Council will hold a hearing on the state’s proposed $100 million Bitcoin-backed municipal bond on July 8, 2026. The hearing marks the next step in the state’s broader effort to integrate cryptocurrency into traditional finance.
Interestingly, the idea first emerged in November 2025. At the time, the New Hampshire Business Finance Authority (BFA) Board of Directors approved the proposal and moved it forward. The proposal includes two classes of taxable revenue bonds with an initial combined value of $100 million. The bonds will be backed by a loan between the BFA, acting as the lender, and NH CleanSpark Borrower Trust, the borrower.
Notably, NH CleanSpark Borrower Trust has ties with CleanSpark, a publicly traded Bitcoin miner and data center developer based in Nevada. The company operates 19 data centers, most of them located across the southern United States.
The proposal also requires regular collateral valuations to track Bitcoin’s fair market value. CleanSpark will pledge $160 million in Bitcoin as collateral. However, if the collateral value falls below 140% of the outstanding bond obligations, the agreement will trigger a mandatory liquidation of the collateral and the redemption of the bonds.
If Governor Kelly Ayotte and the Executive Council approve the proposal, the BFA will issue the bonds. As a result, a digital asset company will gain its first access to the municipal bond market through an institutional, collateralized structure. More importantly, the approval will make New Hampshire the first state in the world to issue a Bitcoin-backed municipal bond. The decision would mark a major milestone for Bitcoin adoption in public finance.
US Bitcoin Reserve Still Faces Roadblocks
Meanwhile, aside from New Hampshire’s Bitcoin-backed bond proposal, the United States federal government is still working toward establishing its Strategic Bitcoin Reserve. Notably, US President Donald Trump issued the executive order in March 2025 directing the creation of the reserve. The move fulfilled part of his campaign promise to make the United States the world’s crypto capital.
Since then, federal agencies have reviewed the government’s cryptocurrency holdings. They have also worked on a framework for building and managing the reserve. However, according to a recent report, the initiative has encountered a major roadblock. The Treasury and Commerce Departments are both making cases to oversee the reserve, creating delays in the process.
Nevertheless, White House spokeswoman Liz Huston said the Trump administration remains committed to the initiative. She added that officials continue to work on the best approach to turn the Strategic Bitcoin Reserve into a reality.
The CoinRemark Team
