$100M Bitcoin-Backed Bond Proposal Rejected by New Hampshire Council
Keith Ammon, a state representative from New Hampshire, characterized the executive council's decision to reject Bitcoin-backed bonds as lacking foresight and called on the council to revisit their decision.
The executive council in New Hampshire cast votes rejecting a measure that would have enabled the state to authorize the issuance of bonds worth $100 million with Bitcoin (BTC) backing.
During a hearing held on Wednesday, the council's five members delivered a 3-2 decision against the New Hampshire Business Finance Authority's (BFA) plan to issue $100 million worth of bonds backed by BTC. The investment proposal, which received the authority's approval in November 2025, had already secured backing from Governor Kelly Ayotte.
"It was an extremely short-sighted decision," said state representative Keith Ammon in a Thursday X post after the vote. "I can't believe I witnessed it in person. They should gather all relevant facts and information and reconsider their vote at a future meeting."
The measure received opposition votes from Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens, whereas Joseph Kenney and John Stephen cast their votes in favor of it. The cryptocurrency-based investment instruments, which would have been issued through the BFA with CleanSpark providing BTC as collateral, represented what would have been New Hampshire's ongoing embrace of digital asset initiatives, coming after the state's crypto reserve law enacted in May 2025.
Despite receiving backing from numerous figures within the cryptocurrency sector, the BTC-backed bonds faced criticism from certain analysts who cautioned against the plan, characterizing it as presenting "substantial risk" for the residents of New Hampshire. In March, Moody's provided the Bitcoin bond with a provisional Ba2 rating.
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