BTC-Backed Bond Approved in New Hampshire, Marks U.S. First

TLDR

• New Hampshire has approved a $100 million municipal bond backed by BTC.
• The bond will use BTC as collateral to raise funds for public infrastructure projects.
• The Business Finance Authority of New Hampshire gave official clearance on November 19.
• Wave Digital Assets and Rosemawr Management structure the bond.
• The legal compliance framework was developed with support from Orrick law firm.

New Hampshire has approved the United States’ first BTC-backed municipal bond, unlocking a new path for state-level digital asset finance. The state’s Business Finance Authority approved a $100 million municipal conduit bond backed entirely by BTC on November 19.

The BTC bond, structured by Wave Digital Assets and Rosemawr Management, will fund infrastructure and public developments across the state. The state will use BTC as collateral to support the bond structure, opening a compliant way to bridge crypto and debt markets. This financial instrument introduces digital assets into traditional bond mechanisms that manage a portion of the $140 trillion global debt market.

State Embraces BTC for Public Finance

New Hampshire’s Business Finance Authority approved the BTC bond, which is structured to comply with all institutional investor requirements. Les Borsai, co-founder of Wave Digital Assets, stated, “Our goal is to bridge traditional fixed income with digital assets.” The bond complies with institutional frameworks and was supported by Orrick law firm for regulatory structure and legal standards.

The borrower will provide BTC collateral equal to 160% of the bond’s value, with a liquidation trigger at 130%. The structure ensures capital protection while enabling BTC-backed funding for state-level infrastructure projects. This approach allows for institutions to gain exposure to BTC without directly purchasing the asset.

Wave Digital Assets and Rosemawr Management designed the BTC-backed bond for full scalability across traditional and blockchain markets. The bond structure limits risk through controlled liquidation while maintaining access to crypto value. It introduces a new bond model to states seeking diversified treasury strategies.

Bitcoin Reserve Law Enables Digital Expansion

Earlier in 2025, Governor Kelly Ayotte signed HB 302, the Strategic Bitcoin Reserve bill, into law. The law permits up to 5% of New Hampshire’s treasury to be allocated in BTC and other digital assets. It paved the way for the BTC bond by authorizing public treasury investment in large-cap crypto assets.

The bill allows the treasurer to invest in assets with a minimum market cap of $500 billion, including BTC. Assets are stored with custody provider BitGo, ensuring security and regulatory compliance. The law also permits state-level investment through regulated financial products, such as BTC ETFs.

The BTC reserve supports the funding model of the municipal bond, linking digital assets to real-world economic initiatives. The program will finance roads, energy, and public utilities, with BTC serving as collateral to mitigate investor risk. Returns and fees from the BTC collateral will fund the Bitcoin Economic Development Fund.

BTC price rose 0.24% in the last 24 hours, reaching $92,221 at press time on November 19. The price ranged from a low of $89,300 to a high of $93,745 during the trading session. While BTC prices moved upward, trading volumes dropped by almost 15% in the same period. BTC open interest also declined by 1.64% over the past 24 hours, to $65.19 billion.

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