New Hampshire has withdrawn from a pioneering effort to issue what would have been the first state-rated, Bitcoin‑backed municipal bond. The decision came at the eleventh hour, after the state’s Executive Council, the body responsible for major fiscal actions, voted 3‑2 to halt the project in favor of protecting the state’s financial reputation.
The bond, to be issued by the Business Finance Authority of New Hampshire and backed by a private‑sector investment of up to $100 million tied to Bitcoin mining and data‑center company CleanSpark, had just received a Ba2 rating from Moody’s. The council’s vote effectively ended the proposal.
Keith Ammon, a longtime crypto advocate and majority floor leader in the New Hampshire House of Representatives, criticized the decision as short‑sighted, urging the council to gather all relevant facts legumes and reconsider at a future meeting.
With the council elections approaching, Ammon told CoinDesk that a single vote swing could shift the outcome, adding, “We’re not giving up.”
