The board of directors of the state’s economic development authority, the New Hampshire Business Finance Authority (BFA), approved the financing structure that will enable this municipal bond, the BFA said in a Tuesday (Nov. 18) press release.

The $100 million bond will be issued upon approval by the state’s governor and executive council, according to the release.

“This clearly positions New Hampshire as a global leader in responsible crypto finance,” James Key-Wallace, executive director of the BFA, said in the release. “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.”

New Hampshire Gov. Kelly Ayotte said in the release that this bitcoin-backed bond signals the state’s continued willingness to embrace new technologies.

“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,” Ayotte said.

The transaction was conceptualized by Wave Digital Assets, Rosemawr Management and the BFA, according to the release. Orrick advised the BFA on the legal structuring of the transaction, and BitGo Trust Company will serve as custodian for the bitcoin collateral.

Wave Digital Assets Co-Founder Les Borsai said in the release that this structure shows how public and private sectors can collaborate to unlock the value of digital assets and digital asset reserves.

“This isn’t just one transaction, it’s the opening of a new debt market,” Borsai said.

Orrick Partner Orion Mountainspring said in the release that this municipal security backed by cryptocurrency will set a 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.”

BitGo CEO and Co-Founder Mike Belshe said in the release that the bond issuance “could redefine how digital assets strengthen public finance.”

PYMNTS reported in June that bitcoin is increasingly being used as a form of collateral in loans issued by big banks.

• According to the poll, released Nov. 19, only 42% of New Hampshire residents approve of his handling of the economy.
• Both people who approve and disapprove cite tariffs as the number one reason behind their opinion.
• Trump’s overall approval rating is 45%.

Support for President Donald Trump’s handling of the economy hit an all-time low in New Hampshire, according to a new poll out of the University of New Hampshire Survey Center.

According to the poll, released Nov. 19, only 42% of New Hampshire residents approve of his handling of the economy, while 57% disapprove. That’s the lowest his approval has been in this area in either of his terms.

Both people who approve and disapprove cite tariffs as the number one reason behind their opinion.

More: Trump exempted some food products from tariffs. What it means for your grocery bill.

For those who disapprove, the next top reasons, following distantly, are because of the price of goods, because they believe Trump is self-interested or has a poor character and because of the cost of living.

Of those who approve, tariffs are followed by spending or the budget, price of goods, energy prices and because they believe him to be better than his predecessors.

More: When will Trump send the $2000 stimulus checks? Trump shared new update

While New Hampshire approval of Trump’s economic policies has fallen, his support overall has remained largely the same: 45% approve and 54% disapprove, giving him a net approval rating of -8 that is statistically unchanged since October.

The poll surveyed 1,402 New Hampshire residents between Nov. 13 and Nov. 17. The margin of error is +/- 2.6%.

New Hampshire moved this week to foster the state’s first effort toward establishing a $100 million bitcoin BTC$88,952.65 bond, which would be directed by a state entity but backed by a private-sector firm, according to those involved with the effort.

The New Hampshire Business Finance Authority authorized “$100,000,000 bonds for a project to acquire and hold digital currency,” according to the description on its agenda. The NHBFA doesn’t direct state-backed bonds, but encourages private-sector entities to administer them. If that happens with this bond, the New Hampshire Executive Council will review the deal and vote on whether to approve it.

Once approved, the project will go live — the first of its kind in the nation.

The NHBFA is a self-funded, state-created organization meant to foster New Hampshire’s economic development. Proceeds from its bond projects return to the entity to help bolster its operation.

State Representative Keith Ammon, a longtime advocate for crypto policy in New Hampshire, said this first bitcoin bond effort is meant to be a template for more to come.

“Bitcoin can partially insulate our state’s runaway inflation,” he said in an interview with CoinDesk. “This is like training wheels to get to that point, protecting our state’s finances from future devaluation of the dollar.”

He said the two-year bond would be reliant on a rising value for bitcoin.

In this past year, BTC is down about 6%, after having climbed steadily for months before its sharp decline beginning last month.

New Hampshire has been in the forefront of state governments pursuing crypto policies. The New England state was the first to establish a crypto reserve earlier this year, moving much more quickly than the federal government, which is still in the planning stages.