CONCORD, N.H.–(BUSINESS WIRE)–The New Hampshire Business Finance Authority (BFA) Board of Directors has approved a groundbreaking financing structure that will make New Hampshire the first state in the world to issue a municipal bond backed by Bitcoin.
The $100 million inaugural issuance marks a major milestone in the integration of digital assets with traditional capital markets. The transaction was conceptualized by Wave Digital Assets, in partnership with Rosemawr Management, a leading alternative investment manager focused on municipal and sustainable infrastructure sectors, and the BFA. Orrick advised the BFA on the legal structuring of the transaction. BitGo Trust Company, Inc, (“BitGo Trust”), the digital-asset infrastructure company, will serve as custodian for the Bitcoin collateral, securing it in regulated cold storage with advanced multi-layer security.
Upon approval by the Governor and Executive Council, the BFA will issue the bond, marking the first time a digital-asset company accesses the municipal bond market through an institutional, collateralized structure.
“This clearly positions New Hampshire as a global leader in responsible crypto finance,” said James Key-Wallace, Executive Director of the Business Finance Authority. “We’re proud to help develop new tools that allow companies in the digital-asset ecosystem to access capital safely and effectively — while ensuring no taxpayer funds or state guarantees are at risk.”
Wave’s goal is to build a bridge between the digital-asset ecosystem and the traditional debt markets — a system where Bitcoin can serve as dependable collateral, regulated under the same standards that govern municipal and corporate bonds.
Under the proposed structure, investors may purchase the BFA-issued bonds.
“I’m proud that New Hampshire is once again first in the nation to embrace new technologies with this historic Bitcoin-backed bond. This is an innovative way to bring more investment opportunities to our state and position us as a leader in digital finance without risking state funds or taxpayer dollars,” said New Hampshire Governor Kelly Ayotte. “I thank the Business Finance Authority and the partners who have made this possible, and I look forward to continuing to work together to keep New Hampshire a beacon of opportunity for companies looking to grow responsibly in crypto finance and beyond.”
“This isn’t just one transaction, it’s the opening of a new debt market,” said Les Borsai, Co-Founder of Wave Digital Assets. “Our goal is to bridge traditional fixed income with digital assets in a way that’s fully institutional, fully compliant, and globally scalable. We believe this structure demonstrates how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital-asset reserves.”
“New Hampshire’s leadership proves what’s possible when government and industry work together to responsibly advance financial innovation,” said Mike Belshe, CEO and Co-Founder of BitGo. “We’re proud to provide the secure custody foundation that enables this first-of-its-kind bond issuance — one that could redefine how digital assets strengthen public finance.”
BFA’s fees from the transaction will support the creation of the Bitcoin Economic Development Fund, allowing the Authority to reinvest in programs that promote business growth and financial innovation across New Hampshire.
“We are excited to support the State of New Hampshire in launching the first municipal security backed by cryptocurrency,” added Orion Mountainspring, partner at Orrick. “The BFA has set the precedent for how municipalities can leverage emerging technologies like the blockchain to broaden their investor base, reduce the cost for funding for their constituents and open new pathways to access capital markets. This is a game-changer for the world of digital currency and municipal transactions.”
Wave’s collaboration with New Hampshire underscores that vision. As the first U.S. state to authorize the purchase and custody of Bitcoin, New Hampshire provides a model for how government-led innovation can responsibly advance digital finance.
New Hampshire has long encouraged innovation in financial regulation. It was the first state in the U.S. to pass a cryptocurrency reserve law, allowing state-chartered institutions to hold Bitcoin and other digital assets as part of their reserves. The Bitcoin trust for this bond will be held by a New Hampshire Statutory Trust, further anchoring the transaction within the state’s growing fintech ecosystem.
About the New Hampshire Business Finance Authority (BFA)
The BFA is the state’s economic development authority, helping New Hampshire businesses access the capital they need to grow and create jobs.
About Wave Digital Assets
Wave Digital Assets LLC is a Los Angeles-based, SEC-registered investment advisory firm (CRD# 305726) providing institutional and private wealth digital asset management solutions. Led by seasoned financial professionals, Wave delivers bespoke investment strategies focused on yield generation through private funds, customized managed accounts for corporations and high-net-worth individuals, and tailored treasury management services for the digital asset ecosystem. The firm bridges traditional fixed income and digital assets — creating the world’s first bitcoin-backed bond — and supports government agencies with digital asset training and software solutions. Please note: Registration with the U.S. Securities & Exchange Commission (“SEC”) does not imply an approval or recommendation of all of the registrant’s activities, nor should any content described herein be construed as an endorsement by any third party.
About Rosemawr Management
Founded in 2008 and headquartered in Miami, Rosemawr is an alternative investment management firm focused on investing in the U.S. municipal and sustainable infrastructure sectors. The firm has significant experience in areas where municipal finance meets other asset classes: it has sponsored the first tax-exempt securitization of charter school bonds, as well as securitizations of PACE loans (Property Assessment for Clean Energy) and private loans to renewable projects. Rosemawr is registered as an investment advisor with the SEC; further information is available on the SEC website and at http://www.rosemawr.com.
About BitGo
BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, BitGo has been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry’s top brands, exchanges, and platforms, and millions of investors.
About Orrick
Orrick is a global law firm focused on serving the technology & innovation, energy & infrastructure, finance and life sciences & healthtech sectors. The firm’s market-leading Structured Finance team is recognized as Chambers Band 1 or Band 2 in securitization across Esoterics, ABS, RMBS and CMBS, while its Public Finance group has ranked as the No. 1 Municipal Bond Counsel for 25 years in a row by The Bond Buyer. The firm was recently named by Financial Times as one of the top 10 most innovative law firms globally of the past 20 years. For more information, visit http://www.orrick.com.
