New Hampshire Issues First Bitcoin-Backed Municipal Bond
On Nov. 19, 2025, New Hampshire announced the issuance of the first Bitcoin-backed municipal bond, marking a notable entry of cryptocurrencies into state-level public finance. The bond is linked to Bitcoin (BTC), a development that could allow municipalities to tap crypto exposure when accessing capital markets and positions the state as an early adopter of hybrid debt instruments.
The issuance matters because it opens a potential pathway for cities and states to access parts of the $140 trillion global debt market with crypto-linked products, offering new financing options and reserve diversification. At the same time, the move brings volatility and regulatory scrutiny into public borrowing, so market participants will be watching demand, pricing, and any policy response closely as similar structures are considered elsewhere.