In the final phase of approval, New Hampshire’s Executive Council voted 3–2 to turn down the bond proposal.
In a last-minute shift, the state stepped away from what would have been a landmark initiative — the first state-authorized, rated bond tied to Bitcoin — effectively ending the project.
Despite recently receiving a Ba2 rating from Moody’s, the proposal was blocked by the Executive Council, which oversees major financial decisions, with a narrow majority raising concerns about potential impacts on the state’s fiscal reputation.
The bond was set to be issued through the Business Finance Authority of New Hampshire, backing a private-sector deal worth up to $100 million connected to Bitcoin mining and data center firm CleanSpark. The council’s vote was the final approval required.
Keith Ammon, a longtime supporter of crypto and majority floor leader in the New Hampshire House, criticized the move on X, calling it “short-sighted” and urging officials to review the facts and revisit the decision in a future meeting.
He also suggested that election-year dynamics may have influenced the outcome, noting that a single vote proved decisive, and added that efforts to push the initiative forward will continue.
New Hampshire has been a frontrunner in state-level crypto policy, previously becoming the first U.S. state to establish a crypto reserve, ahead of similar efforts at the federal level.
