The New Hampshire Business Finance Authority (BFA) Board of Directors has approved a groundbreaking financing structure that will make New Hampshire the first state in the world to issue a municipal bond backed by Bitcoin.
The $100 million inaugural issuance marks a major milestone in the integration of digital assets with traditional capital markets. The transaction was conceptualized by Wave Digital Assets, in partnership with Rosemawr Management, a leading alternative investment manager focused on municipal and sustainable infrastructure sectors, and the BFA. Orrick advised the BFA on the legal structuring of the transaction. BitGo Trust Company, Inc, (“BitGo Trust”), the digital-asset infrastructure company, will serve as custodian for the Bitcoin collateral, securing it in regulated cold storage with advanced multi-layer security.
Upon approval by the Governor and Executive Council, the BFA will issue the bond, marking the first time a digital-asset company accesses the municipal bond market through an institutional, collateralized structure.
“This clearly positions New Hampshire as a global leader in responsible crypto finance,” said James Key-Wallace, Executive Director of the Business Finance Authority. “We’re proud to help develop new tools that allow companies in the digital-asset ecosystem to access capital safely and effectively — while ensuring no taxpayer funds or state guarantees are at risk.”
Wave’s goal is to build a bridge between the digital-asset ecosystem and the traditional debt markets — a system where Bitcoin can serve as dependable collateral, regulated under the same standards that govern municipal and corporate bonds.
Under the proposed structure, investors may purchase the BFA-issued bonds.
“I’m proud that New Hampshire is once again first in the nation to embrace new technologies with this historic Bitcoin-backed bond. This is an innovative way to bring more investment opportunities to our state and position us as a leader in digital finance without risking state funds or taxpayer dollars,” said New Hampshire Governor Kelly Ayotte. “I thank the Business Finance Authority and the partners who have made this possible, and I look forward to continuing to work together to keep New Hampshire a beacon of opportunity for companies looking to grow responsibly in crypto finance and beyond.”
“This isn’t just one transaction, it’s the opening of a new debt market,” said Les Borsai, Co-Founder of Wave Digital Assets. “Our goal is to bridge traditional fixed income with digital assets in a way that’s fully institutional, fully compliant, and globally scalable. We believe this structure demonstrates how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital-asset reserves.”
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