A turning point for public debt. L’Etat du New Hampshire, qui a déjà adopté une réserve en bitcoinsexplores a new financing method based directly on the holding of digital assets. Its Business Finance Authority (BFA) is indeed preparing to issue $100 million in bonds guaranteed by Bitcoin. Baptized Waverose Finance Projectthis broadcast received the provisional rating « Ba2 » from Moody’s Investors Service. This project illustrates the growing interest of American public entities in hybrid financing structures, combining traditional debt and digital assets.
- The state of New Hampshire has issued $100 million in bonds backed by Bitcoin, sparking interest in hybrid financing.
- The Waverose Finance project, rated “Ba2” by Moody’s, reveals a substantial but innovative risk for investors, without committing public funds.
A strict regulatory and operational framework
The rating « Ba2 » Moody’s places these bonds in the speculative category, indicating a substantial risk for investors. To structure this debt, the New Hampshire public agency relies on a loan granted to the trust NH CleanSpark Borrower 2026-1, lui-même adossé au bitcoin. The mechanism provides for the bonds to be repaid exclusively by the income generated by the digital collateral. As a result, no public funds from the State of New Hampshire can be requested in the event of default, thus limiting creditors’ recourse to only the assets provided as collateral.
In order to guarantee the security of funds, the company BitGo will act as a custodian and hold the bitcoins in segregated wallets. BitGo Prime will also play the role of liquidation agent, responsible for selling the assets to honor the payment of interest and principal. The setup includes technical guardrails, such as 1.60x initial coverage. If the loan-to-value (LTV) ratio deteriorates to 1.40x due to market volatility, compulsory repayment of bonds will be triggered automatically to protect security holders.
Bitcoin: A convergence between public finance and digital assets
This initiative is part of a context of standardization of digital assets in the United States. The BFA’s decision comes as federal authorities relax certain rules relating to savings. The Labor Department recently proposed opening 401(k) retirement plans to cryptocurrencies, following an executive directive to modernize investment options. The New Hampshire emission participates in this dynamic by transforming bitcoin from an asset purely speculative in warranty support for taxable bond debt.
Moody’s analysis is based on a methodology specific to collateralized loan obligations by market value. The agency uses an advance rate of 72.06%, reflecting the historical volatility of bitcoin while emphasizing the operational resilience of its network. Although economic uncertainties can influence the performance of these securities, this project demonstrates that market infrastructures are now capable of support complex financial products. The success of this issue could encourage other states to explore similar financing mechanisms to diversify their sources of capital.
New Hampshire’s bond issue represents a concrete application of decentralized finance within public institutions. By using Bitcoin as collateral, the state gains access to new liquidity without committing the taxpayer, while subjecting the asset to the transparency requirements of rating agencies. This hybrid model confirms that the distinction between traditional finance and digital assets is fading in favor of increasingly integrated structures. Monitoring this project will make it possible to assess the long-term viability of debt backed by cryptocurrencies in a regulated environment.
