Key Takeaways
- • New Hampshire Business Finance Authority approved the nation's first-ever $100 million municipal bond backed by Bitcoin, marking the first integration of digital assets as collateral in the U.S. municipal bond market (approved November 18, 2025).
- • BitGo Trust Company will serve as custodian, holding Bitcoin collateral in regulated cold storage with multi-layer security, ensuring investor protection through institutional-grade digital asset infrastructure.
- • Orrick, Herrington & Sutcliffe advised the BFA on legal structuring, positioning the firm as lead counsel on this precedent-setting transaction that bridges the digital-asset ecosystem with traditional capital markets.
- • Wave Digital Assets and Rosemawr Management conceptualized the transaction, with the latter bringing expertise in alternative investment management and sustainable infrastructure financing to structure a collateralized municipal bond offering.
- • The bond structure protects taxpayers and state funds—no public guarantees or government assets are at risk, as the $100 million issuance targets digital-asset companies seeking access to the $140 trillion global debt market under regulated, institutional standards.
Summary
New Hampshire's Business Finance Authority has approved a historic financing structure that makes the state the first in the nation to issue a municipal bond backed by Bitcoin. The $100 million inaugural issuance, approved November 18, 2025, represents the first time a digital asset has served as collateral for a U.S. municipal bond and opens the door for digital-asset companies to access traditional capital markets through an institutionally regulated structure.
The transaction was conceptualized by Wave Digital Assets in partnership with Rosemawr Management, a leading alternative investment manager specializing in municipal and sustainable infrastructure financing. Orrick, Herrington & Sutcliffe served as legal advisor to the BFA on the transaction's structuring. BitGo Trust Company, Inc., a digital asset infrastructure provider, will custody the Bitcoin collateral in regulated cold storage with advanced multi-layer security protocols, ensuring the asset backing meets institutional standards comparable to traditional bond collateral.
According to James Key-Wallace, Executive Director of the Business Finance Authority, the bond structure establishes New Hampshire as a global leader in responsible crypto finance. The BFA emphasized that the structure imposes no risk to taxpayers or state funds, as no public guarantees or government assets secure the offering. Instead, the bond targets digital-asset ecosystem companies seeking regulated access to capital markets under the same standards governing municipal and corporate debt instruments.
Wave Digital Assets' stated objective is to build a bridge between the digital-asset ecosystem and traditional debt markets, demonstrating that Bitcoin can function as dependable collateral under institutional governance frameworks. The $100 million issuance is contingent upon approval by the Governor and Executive Council, following which the BFA will issue the bond and enable digital-asset companies to access the institutional debt market for the first time through a collateralized municipal instrument. This milestone positions the municipal bond market—valued at approximately $140 trillion globally—as an emerging capital source for the digital-asset sector.
The transaction was conceptualized by Wave Digital Assets in partnership with Rosemawr Management, a leading alternative investment manager specializing in municipal and sustainable infrastructure financing. Orrick, Herrington & Sutcliffe served as legal advisor to the BFA on the transaction's structuring. BitGo Trust Company, Inc., a digital asset infrastructure provider, will custody the Bitcoin collateral in regulated cold storage with advanced multi-layer security protocols, ensuring the asset backing meets institutional standards comparable to traditional bond collateral.
According to James Key-Wallace, Executive Director of the Business Finance Authority, the bond structure establishes New Hampshire as a global leader in responsible crypto finance. The BFA emphasized that the structure imposes no risk to taxpayers or state funds, as no public guarantees or government assets secure the offering. Instead, the bond targets digital-asset ecosystem companies seeking regulated access to capital markets under the same standards governing municipal and corporate debt instruments.
Wave Digital Assets' stated objective is to build a bridge between the digital-asset ecosystem and traditional debt markets, demonstrating that Bitcoin can function as dependable collateral under institutional governance frameworks. The $100 million issuance is contingent upon approval by the Governor and Executive Council, following which the BFA will issue the bond and enable digital-asset companies to access the institutional debt market for the first time through a collateralized municipal instrument. This milestone positions the municipal bond market—valued at approximately $140 trillion globally—as an emerging capital source for the digital-asset sector.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.