In a groundbreaking move that is drawing global attention, the New Hampshire Business Finance Authority (BFA) has approved a first-of-its-kind financing structure that will make the state the world’s pioneer in issuing a municipal bond backed by Bitcoin. The $100 million inaugural bond marks a historic moment in the merging of digital assets with traditional capital markets, redefining how public institutions can leverage emerging technologies.
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The concept behind this innovative bond was developed by Wave Digital Assets in partnership with Rosemawr Management and the BFA, with legal structuring support from Orrick. To ensure security at the highest institutional standards, BitGo Trust Company will act as custodian, storing the Bitcoin collateral in fully regulated cold-storage infrastructure. For the first time, a digital-asset company will be entering the municipal bond market through a fully collateralized, institutional-grade structure pending final approval from the Governor and Executive Council.
James Key-Wallace, Executive Director of the BFA, described the moment as a bold step forward for responsible crypto finance. He emphasized that the bond provides digital-asset companies with safer access to capital while ensuring that taxpayers and state funds remain completely protected. The state’s leadership sees the bond as an opportunity to position New Hampshire at the forefront of digital-finance innovation.
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Governor Kelly Ayotte praised the initiative and highlighted the state’s ongoing commitment to embracing transformative technologies. She noted that this Bitcoin-backed bond introduces new investment opportunities without placing any financial burden on residents, reinforcing New Hampshire’s reputation as a forward-thinking center for fintech growth.
Wave Digital Assets sees the transaction as more than a single historic milestone—it represents the birth of an entirely new debt market. Co-Founder Les Borsai emphasized their mission to bridge traditional fixed-income investing with the digital-asset economy through a structure that is fully compliant, scalable, and institutionally robust.
BitGo CEO Mike Belshe echoed that sentiment, calling the issuance an example of what becomes possible when industry and government work collaboratively. With BitGo’s secure custody underpinning the transaction, he believes this bond could reshape how digital assets support public-sector financing.
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The BFA also plans to reinvest fees from the transaction into a newly formed Bitcoin Economic Development Fund, designed to further stimulate innovation and business growth across the state. Legal advisor Orion Mountainspring of Orrick described the initiative as a game-changer for both municipal and digital-currency markets, setting the standard for how blockchain technologies can broaden investor access and reduce capital costs for local constituents.
New Hampshire’s leadership in the crypto regulatory landscape has been long-standing. It was the first state to pass a cryptocurrency reserve law, permitting state-chartered institutions to hold Bitcoin and other digital assets as part of their reserves. The Bitcoin trust tied to this bond will be housed in a New Hampshire Statutory Trust, strengthening the state’s position as a rising hub for fintech innovation.
This historic collaboration between Wave Digital Assets and the State of New Hampshire showcases a clear vision for the future—one where digital assets and traditional finance operate side by side, unlocking new opportunities for institutions, investors, and public-sector initiatives worldwide.
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