Нью-Гэмпшир стал первым штатом, выпустившим муниципальные облигации, обеспеченные биткоинами

Key poiyns:

• New Hampshire has approved the issuance of $100 million in municipal bonds fully backed by bitcoins.
• The bonds pose no risk to the budget or taxpayers, and security is provided by BTC collateral of approximately 160% of the loan amount.
• The state plans to use the structure as a testing ground for future government bonds based on digital assets.

The New Hampshire Business Finance Authority (BFA) has approved the first municipal bond in the United States secured by bitcoins. The decision allows $100 million to be raised against BTC held by a private custodian and opens up a new model for digital assets to interact with the traditional debt market.

However, the bonds are not backed by the state and do not pose a risk to the budget. The BFA acts only as an intermediary, overseeing the structure of the transaction. Investors are protected by a bitcoin collateral deposit on the BitGo platform, which covers liabilities in the event of a price drop.

How the new model works

The structure was developed by Wave Digital Assets in collaboration with Rosemawr Management and fully complies with traditional municipal debt regulations. Borrowers provide approximately 160% of the bond value in bitcoins. If the value of BTC falls below 130% of the collateral, a liquidation mechanism is triggered to protect security holders.

According to the project participants, the model allows companies to obtain financing without selling bitcoins and without creating tax liabilities. At the same time, it provides the state with an opportunity to test BTC as high-quality collateral.

The state has already taken steps toward digital assets. New Hampshire previously allowed the treasury to invest up to 5% of its reserves in digital assets, creating the first strategic bitcoin reserve in the US.

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Why is this important for the debt market

Cryptocurrency-backed bonds previously existed only on private platforms. New Hampshire is the first to introduce such an instrument into municipal finance, one of the most conservative segments of the market, where strict risk and collateral requirements prevail.

The market estimates the total volume of global debt instruments at over $140 trillion, of which more than $58 trillion is in the US. The successful integration of bitcoin into this segment could pave the way for new products, including government bonds, derivatives, and digitally secured fixed-income instruments.

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What this means for the state

BFA Executive Director James Key-Wallace said that fees from transactions and any income from bitcoin collateral will go to the Bitcoin Economic Development Fund. The program aims to support entrepreneurs and scale up digital businesses in the region.

Analysts believe that New Hampshire has effectively created a “sandbox” for testing BTC as a tool for securing public finances. If the project proves successful, it could form the basis for the issuance of future treasury bonds backed by digital assets.