Moody’s Ratings has assigned provisional Ba2 ratings to up to $100 million in bitcoin-backed taxable revenue bonds set to be issued by the Business Finance Authority of the State of New Hampshire.
Moody’s Rates $100M Bitcoin-Collateralized Revenue BondsThe deal marks a notable moment in U.S. municipal finance, where a state authority is using a digital asset as the sole backing for publicly issued bonds. Whether it opens a path for similar structures elsewhere will depend on how this one performs.
FAQ 🧭 What is the Waverose Finance Project bond deal? It is a $100 million bitcoin-backed revenue bond issuance by the Business Finance Authority of New Hampshire, rated provisionally Ba2 by Moody’s. Who holds the bitcoin collateral securing these bonds? Bitgo Bank & Trust, National Association holds the bitcoin in segregated wallets, with Bitgo Prime, LLC acting as liquidation agent. What triggers a mandatory redemption of the bonds? If the bitcoin collateral value falls to the 1.40x LTV trigger threshold, a full mandatory redemption of the bonds is required. Are New Hampshire taxpayers liable if the bonds default? No, the bonds are limited recourse obligations backed only by bitcoin collateral, with no public funds or state taxing power involved.
