New Hampshire's $100 million Bitcoin-backed municipal bond issuance is stalled

The New Hampshire Executive Council voted against a proposal that was originally planned to introduce the world's first municipal bond backed by Bitcoin into the municipal bond market.

The bond was intended to be underwritten through a private placement, but it failed to receive approval from the state executive council on Wednesday, preventing the issuing conduit from moving forward with the bond issuance. The proposal by the New Hampshire Business Finance Authority to issue $100 million in taxable municipal bonds was not approved.