A US state came close to making history by issuing Bitcoin-backed bonds - until five people in a boardroom turned the tide. The New Hampshire Executive Council voted 3-2 to reject a plan to issue $100 million in bonds backed by Bitcoin.
The proposal, spearheaded by the Business Finance Authority (BFA), had significant momentum behind it. It had been approved by the authority since November 2025 and even had the backing of Governor Kelly Ayotte. However, before the five-member panel, that support proved insufficient.
‘A Very Short-Sighted Decision’
Strong pushback came from State Representative Keith Ammon. “That was a very short-sighted decision,” he posted on X a day after the vote. “I can’t believe I watched it live. They should gather all the facts and reconsider their vote at the next meeting.” The three opposing councilors - Karen Liot Hill, Dave Wheeler, and Janet Stevens - outnumbered supporters Joseph Kenney and John Stephen.
The structure was no minor undertaking: the bonds were to be issued by the BFA, with CleanSpark pledging Bitcoin as collateral. Had it passed, it would have marked the next step in New Hampshire’s pro-crypto trajectory following the crypto reserve legislation passed in May 2025.
Reasons Behind the Rejection
On the other side, several experts had warned from the outset that the proposal carried ‘substantial risk’ for New Hampshire residents. Rating agency Moody’s had even assigned a provisional Ba2 rating to the Bitcoin bond in March - a category considered speculative.
The rejection serves as a reminder that government-level Bitcoin adoption does not always go smoothly. Caught between ambitions to become the most crypto-friendly state and the duty to protect public funds from price volatility, policymakers remain divided. The battle is likely far from over - Ammon himself has already called for a revote.
Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
