This post was originally published on Coinspeaker
The New Hampshire Business Finance Authority (BFA) is set to issue $100 million in Bitcoin-collateralized bonds carrying a provisional Ba2 rating from Moody’s Investors Service – a speculative-grade designation that places this instrument two notches below the lowest investment-grade threshold and marks the first known instance of a U.S. public authority issuing debt fully backed by Bitcoin.
For municipal bond markets accustomed to state-level paper rated Aa or above, a Ba2 on a crypto-collateralized structure is not merely a footnote – it is a signal that the conventional muni buyer universe is, by mandate, largely excluded before the first coupon is cut.
🚨NEW HAMPSHIRE TO ISSUE FIRST RATED BITCOIN-BACKED BOND
The New Hampshire Business Finance Authority plans to issue what appears to be the first Moody’s-rated Bitcoin-backed bond (Ba2).
The bond is backed by BTC held with BitGo and does not put state public funds at risk. pic.twitter.com/svYLhbtIXp
— Coin Bureau (@coinbureau) March 31, 2026
We suspect the rating’s practical effect is more consequential than its headline suggests. Ba2 paper cannot be held by most municipal bond funds, pension systems operating under fiduciary investment-grade floors, or insurance company general accounts subject to NAIC capital charge rules – meaning
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