New Hampshire Eyes $100M Bond for Bitcoin Buy, Crypto Treasury Goes Municipal 🏛️

New Hampshire's Governor and Executive Council is set to consider a proposal on Wednesday, July 8, that would authorize up to $100 million in taxable revenue bonds to finance a Bitcoin acquisition by a CleanSpark-linked borrower. The measure appears as item six on the Business Finance Authority's agenda and is scheduled for a public hearing beginning at 10:00 a.m. as part of the council's regular meeting under RSA 162-I.

The proceeds would flow to NH CleanSpark Borrower Trust 2026-1, a New Hampshire investment trust, according to the published agenda. Funds are earmarked for the acquisition of Bitcoin and to cover expenses associated with issuing the bonds. The structure is a taxable revenue bond rather than a general obligation bond backed by the State of New Hampshire, meaning repayment would be tied to the borrowing entity and the transaction rather than to taxpayer funding.

The proposal arrives months after Moody's assigned a provisional Ba2 rating to the planned taxable revenue bond issuance, providing an early assessment of the financing structure before its appearance on the state's public agenda. The agenda does not indicate whether the proposal will receive final approval on Wednesday or whether additional steps in the issuance process would still be required.

If executed, the financing would mark a further expansion of Bitcoin treasury strategies beyond the equity offerings, convertible debt and preferred securities historically used by firms such as Strategy. The New Hampshire proposal points to the use of a specialized public bond structure to fund corporate $BTC accumulation, adding to a growing list of capital market structures being deployed as institutional adoption continues to evolve.