Core Insights - New Hampshire has become the first US state to approve a Bitcoin-backed municipal bond, amounting to $100 million, as an alternative to traditional financing methods [1] - Companies borrowing through this bond must provide collateral in Bitcoin worth 160% of the bond's value, with a safety mechanism in place if Bitcoin's price drops to 130% [2] - The initiative aims to unlock cash for businesses without the need to sell their crypto assets or incur taxes [3] Financial Structure - The bond will contribute to the Bitcoin Economic Development Fund, which is designed to support business growth, startups, and innovation in New Hampshire [4][5] - Wave Digital Assets and Rosemawr Management are responsible for structuring the bond, aiming to integrate traditional fixed income with digital assets [5][6] Market Impact - The global bond market is valued at approximately $140 trillion, with the US accounting for over $58 trillion, indicating significant potential for integrating cryptocurrencies into traditional finance [6] - The initiative is seen as a pioneering step towards creating a new debt market that responsibly unlocks the value of digital assets [7] Strategic Developments - Earlier in 2025, New Hampshire established a strategic Bitcoin reserve, allowing the state treasury to invest public funds into approved digital assets [7]

Core Viewpoint - The New York City Comptroller Brad Lander has expressed strong opposition to Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds, stating that the volatility of cryptocurrencies is insufficient to fund the city's infrastructure, affordable housing, or schools [1] Summary by Relevant Categories Municipal Bonds - Lander, who co-manages the bond issuance with the Mayor's Office of Management and Budget, declared that during his tenure, the city will not issue Bitcoin-backed bonds [1] Cryptocurrency Concerns - Lander emphasized that opening the city's capital planning to cryptocurrencies could expose the city to new risks and undermine bondholders' trust in the city [1]