New Hampshire state officials have completed the issuance of a rated bond collateralized by bitcoin through a state-sponsored authority. Moody’s Ratings designated the securities with a provisional Ba2 rating, placing them in the sub-investment grade category. The framework relies on bitcoin liquidation proceeds rather than traditional business revenues for bondholder repayment. The Business Finance Authority of the State of New Hampshire serves as the issuing entity for these rated securities. Moody’s Ratings delivered a provisional Ba2 designation for the offering. The agency positioned the bonds two levels beneath ... (full story)