New Hampshire Rejects $100 Million Bitcoin-Backed Bond in 3-2 Vote

Council Delivers Split Decision on Pioneering Proposal

The New Hampshire Executive Council voted 3-2 against authorizing the Business Finance Authority to issue up to $100 million in taxable conduit revenue bonds backed by Bitcoin. The July 8 decision came after months of preparation and earlier approvals, halting the transaction linked to Bitcoin mining firm CleanSpark.

Councilors Karen Liot Hill, Janet Stevens, and David Wheeler opposed the measure, while Joseph Kenney and John Stephen supported it. The vote represented the last required governmental step for the plan, which had advanced through the Business Finance Authority in November 2025.

Moody's Rating and Economic Goals

Moody's Ratings assigned the proposed bonds a provisional Ba2 rating earlier in the year, marking a notable step for Bitcoin-linked public finance instruments. Supporters highlighted potential fee revenue for the state authority that could support small businesses, child care, housing, and economic development initiatives.

James Key-Wallace, Executive Director of the Business Finance Authority, emphasized that Bitcoin has established itself in financial markets and pushed back against views of it as purely experimental. Officials described the deal as a conduit arrangement between private parties, designed to bring investment without public fund exposure.

Opposition Focused on State Association

Councilor Karen Liot Hill, the sole Democrat on the panel, stated she was not opposed to Bitcoin or cryptocurrency in general but expressed reservations about the state lending legitimacy to transactions involving a volatile asset class. Opponents raised questions about the state's financial reputation despite the no-risk structure for taxpayers.

The proposal had drawn mixed reactions, with some experts previously noting substantial risks even as industry supporters backed the concept.

Reactions and Path Forward

State Representative Keith Ammon, majority floor leader and crypto advocate, criticized the outcome. "It was an extremely short-sighted decision," he said, urging the council to review additional information and reconsider at a future meeting. Ammon noted it is an election year for council members and indicated supporters remain committed to advancing the effort.

Business Finance Authority officials acknowledged the council's concerns as a fair response and signaled plans to address them before potentially returning with a revised proposal.