The headline says New Hampshire is borrowing $100 million against Bitcoin. It isn't. NH isn't the borrower. CleanSpark is. The Business Finance Authority is just the wrapper, lending state bond market plumbing to a Nevada miner that posts BTC as collateral. No public funds at stake. Moody's put that exact phrase in the rating notes.
BitGo holds the BTC in cold storage. Wave Digital Assets administers the structure. Investors get a three year debt claim on the collateral, plus upside if Bitcoin pumps. If price falls below threshold, the trust liquidates and bondholders get paid. CleanSpark wears the volatility. Taxpayers don't.
The rating is where the marketing stops. Moody's assigned Ba2, two notches below investment grade. Junk. The honest first call when you price volatility this hard.
Second move in an 18 month arc. NH passed the first US strategic Bitcoin reserve law in 2025. Now it's testing Bitcoin as regulated collateral infrastructure. Vote is today. What does junk status teach the next state that tries this?
BitGo holds the BTC in cold storage. Wave Digital Assets administers the structure. Investors get a three year debt claim on the collateral, plus upside if Bitcoin pumps. If price falls below threshold, the trust liquidates and bondholders get paid. CleanSpark wears the volatility. Taxpayers don't.
The rating is where the marketing stops. Moody's assigned Ba2, two notches below investment grade. Junk. The honest first call when you price volatility this hard.
Second move in an 18 month arc. NH passed the first US strategic Bitcoin reserve law in 2025. Now it's testing Bitcoin as regulated collateral infrastructure. Vote is today. What does junk status teach the next state that tries this?
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