New Hampshire has become the world’s first government to approve a $100 million Bitcoin-backed municipal conduit bond, a move greenlit by the state’s Business Finance Authority that could usher digital assets into the $140 trillion global debt market.
New Hampshire has become the first state in the U.S. — and the first government globally — to approve a municipal bond backed by Bitcoin, a structural breakthrough that could open the door for digital assets to enter the $140 trillion global debt market.
On Monday, the state’s Business Finance Authority (BFA) approved a $100 million Bitcoin-backed conduit bond, allowing private companies to borrow against over-collateralized Bitcoin held in custody, according to exclusive reporting from Eleanor Terrett at Crypto in America.
The bond is not backed by the state or taxpayers; instead, the BFA acts strictly as a facilitator, approving and overseeing the deal while repayment risk rests entirely on the Bitcoin collateral held by BitGo.
bitcoinmagazine.com
By Micah Zimmerman
November 19, 2025