Bitcoin enters the public bond market, with Moody's rating crypto-backed bonds for the first time

2026-04-01 00:32:15

Golden Finance reports that on April 1, the New Hampshire Bureau of Commercial and Financial Management plans to issue what appears to be the first Bitcoin-backed bond to receive a rating. Moody’s has assigned it an initial Ba2 rating, marking a brand-new intersection between crypto assets and public finance.
These bonds use Bitcoin held in custody at BitGo as the underlying asset. This type of security uses a limited-recourse structure and will not expose New Hampshire’s public funding to risk. It also shows that the state will primarily act as a conduit issuer, while rating agencies continue to refine their assessment methods for crypto-asset-backed debt.

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