New Hampshire council votes down $100M Bitcoin bonds
New Hampshire council votes blocked a $100 million Bitcoin-backed bond plan on Wednesday, as the executive council rejected the Business Finance Authority proposal 3-2. The decision halted CleanSpark collateralized issuance despite prior BFA approval and Governor Kelly Ayotte's support, with state representative Keith Ammon calling the move short-sighted.
Key Takeaways
- The five-member New Hampshire executive council voted 3-2 against $100 million in BTC-backed bonds proposed by the Business Finance Authority.
- CleanSpark was set to post Bitcoin as collateral for the issuance, which the BFA had approved in November 2025.
- State representative Keith Ammon urged the council to reconsider after calling the rejection an extremely short-sighted decision.
- Moody's assigned the Bitcoin bond a provisional Ba2 rating in March, while some experts warned of substantial risk for residents.
- The vote marks a setback for New Hampshire digital asset policy after the state's May 2025 crypto reserve law.
What Did the New Hampshire Council Vote On?
Policymakers on New Hampshire's executive council voted against a proposal that would have allowed the state to issue $100 million in bonds backed by Bitcoin (BTC). At a Wednesday hearing, the five-member panel rejected the New Hampshire Business Finance Authority's (BFA) proposed issuance in a 3-2 vote.
The proposed investments had already won approval from the BFA in November 2025 and carried support from Governor Kelly Ayotte. The crypto investment vehicles would have been issued by the BFA, with CleanSpark putting up BTC as collateral. Supporters framed the deal as a continuation of New Hampshire's digital asset policies, following the state's May 2025 crypto reserve law.
Councilors Karen Liot Hill, Dave Wheeler, and Janet Stevens voted against the measure. Joseph Kenney and John Stephen approved it. For more on how states and markets are navigating crypto finance, see our Fintech & Crypto Alerts coverage.
Why Did Keith Ammon Call the Bitcoin Bond Vote Short-Sighted?
State representative Keith Ammon criticized the New Hampshire executive council's vote against Bitcoin-backed bonds in a Thursday post on X. He said it was an extremely short-sighted decision and that he could not believe he witnessed it in person.
Ammon urged councilors to gather all relevant facts and information and reconsider their vote at a future meeting. His reaction highlights tension between crypto industry supporters and the councilors who blocked the bond plan.
While the BTC-backed bonds had support from many in the crypto industry, some experts warned against the proposal. They said it carried substantial risk for New Hampshire residents, according to Cointelegraph's reporting.
What Risks Did Critics See in the $100M Bitcoin Bond Plan?
Moody's assigned the Bitcoin bond a provisional Ba2 rating in March, months before the executive council's Wednesday hearing. That rating became a focal point as policymakers weighed whether to back a bond structure tied to Bitcoin collateral.
Experts who opposed the plan warned it carried substantial risk for New Hampshire residents. The narrow 3-2 margin shows the proposal split the council even with prior BFA approval and gubernatorial support.
What Comes Next for New Hampshire's Crypto Policy?
With the council vote complete, the BFA cannot move forward with the $100 million BTC-backed issuance as proposed. The rejection interrupts a policy path that had already included BFA approval, governor support, and a state crypto reserve law enacted in May 2025.
Ammon has urged the executive council to reconsider the measure after gathering more information. The vote shows that state-level Bitcoin bond proposals can still face sharp political resistance, even in a state that has moved toward digital asset-friendly legislation.