Finance News
By Bruce Buterin
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BitGo Takes Control. BitGo's role isn't small potatoes. They're managing and liquidating bitcoin holdings to cover…
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Regulatory Hurdles Remain. The bond still needs final regulatory approval, and the New Hampshire Bond Authority expects to…
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New Hampshire wants Bitcoin bonds. The state's Bond Authority just announced plans for a $100 million bitcoin-backed security that'll hit markets in early May, and frankly, it's…
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Moody's slapped a speculative-grade rating on the thing, which basically means they think it's risky as hell.
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BitGo's role isn't small potatoes. They're managing and liquidating bitcoin holdings to cover interest and principal payments, which sounds straightforward until you remember…
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The company's handled similar gigs before with other digital asset-backed securities. That track record matters when you're dealing with state money and investor cash.
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But the speculative-grade rating from Moody's tells the real story here. A Moody's rep said on March 30 that while the bond carries higher risk, it's also "a novel approach to…
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Stevens and his team haven't disclosed interest rates or specific bond terms yet, which leaves potential investors guessing about what they'll actually get.
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The state's pushing this as part of a broader strategy to integrate cryptocurrencies into New Hampshire's financial infrastructure.
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Investor interest seems decent so far. The authority's been talking to regional banks since late March, trying to get them to offer the bond through their networks.
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The authority's scheduling a press conference for April 15 to answer questions and provide more details about the bond's structure.
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Conservative investors probably won't touch this thing. But for those with higher risk appetites, a state-backed bitcoin bond might be exactly what they're looking for.
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Market watchers are keeping close tabs on how this plays out. If New Hampshire pulls it off successfully, other states might follow with their own crypto-backed securities.
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The authority hasn't released projections on how much demand they expect, which probably means they don't really know either.
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BitGo's got $100 million worth of Bitcoin to manage starting in May.
The Currency Analytics
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