Moody's grants 'junk' rating to New Hampshire bond
By Anand Sinha
Published on April 1, 2026.
The New Hampshire Business Finance Authority plans to issue a municipal bond backed by Bitcoin (BTC), a unique financial instrument that combines a safe asset like a bond and a volatile asset like Bitcoin. The bond will make bond payments through proceeds from Bitcoin collateral. The state plans to raise $100 million in Bitcoin-backed bonds in two tranches. Moody's has granted a provisional Ba2 rating to the Bitcoin bond, indicating it has speculative elements and is subject to high credit risk. This move follows New Hampshire becoming the first U.S. state to allow public investment in cryptocurrencies like Bitcoin in May.
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