Key facts
- New Hampshire's executive council voted 3-2 against a proposal to issue $100 million in Bitcoin-backed bonds.
- The New Hampshire Business Finance Authority (BFA) had approved the proposal in November 2025.
- Governor Kelly Ayotte supported the proposed bond issuance.
- CleanSpark was set to provide Bitcoin as collateral for the bonds.
- Moody's had assigned the Bitcoin bond a provisional Ba2 rating in March.
New Hampshire's executive council has voted against a proposal to issue $100 million in bonds backed by Bitcoin. The five-member panel voted 3-2 against the measure, which had been approved by the New Hampshire Business Finance Authority (BFA) in November 2025 and had the support of Governor Kelly Ayotte.
State representative Keith Ammon expressed disappointment, calling the decision "extremely short-sighted" and urging the council to reconsider. Councilors Karen Liot Hill, Dave Wheeler, and Janet Stevens voted against the proposal, while Joseph Kenney and John Stephen voted in favor.
The crypto investment vehicles, to be issued by the BFA with CleanSpark providing Bitcoin as collateral, would have represented a continuation of New Hampshire's digital asset policies, following its crypto reserve law passed in May 2025. Despite support from some in the crypto industry, experts had warned of "substantial risk" to New Hampshire residents. Moody's had assigned the Bitcoin bond a provisional Ba2 rating in March.