Key takeaways: 

  • New Hampshire will issue the world’s first bitcoin-back municipal bond, with BitGo Trust securing all collateral in segregated cold storage

  • The bond showcases how governments can safely use digital assets through regulated, compliant infrastructure

  • This issuances sets a precedent for bitcoin as collateral in traditional debt markets, powered by BitGo’s custody expertise

New Hampshire is redefining public finance with the approval of the world’s first bitcoin-backed municipal bond and BitGo Trust Company, Inc. is honored to serve the infrastructure provider securing the bitcoin collateral in qualified custody. 

The $100M bond, developed by Wave Digital Assets, Rosemawr Management, and the New Hampshire Business Finance Authority (BFA), and structured with legal support from Orrick, marks the first time a digital-asset company enters the municipal bond market through a fully collateralized, institutional framework. BitGo ensures that the bitcoin underlying the transaction is safeguarded in regulated cold storage.

As global institutions explore how digital assets can integrate with traditional financial systems, this bond demonstrates a scalable, compliant, and secure path forward. BitGo is foundational in this role securing the bitcoin backing the issuance in regulated, qualified cold custody where security, compliance and risk controls are embedded in every layer of our technology stack.

Building the Foundation for Digital-Asset Public Finance

At BitGo, we’ve long believed that secure custody is the prerequisite for institutional adoption of digital assets. This bond issuance is a concrete example of how trusted infrastructure enables real-world innovation.

“New Hampshire’s leadership proves what’s possible when government and industry work together to responsibly advance financial innovation,” said Mike Belshe, CEO and Co-Founder of BitGo. “We’re proud to provide the secure custody foundation that enables this first-of-its-kind bond issuance — one that could redefine how digital assets strengthen public finance.”

BitGo Trust’s custody infrastructure includes:

  • Regulated cold storage with multi-layer security and segregation of client assets from BitGo’s assets.

  • Rigorous operational controls, constant audits and stringent capital requirements designed to meet public-sector and investor expectations for safety, transparency, and operational rigor.

  • Up to $250M insurance coverage for digital assets held in qualified custody in the event of theft, loss, or misuse of keys, providing an additional layer of protection 

These capabilities help ensure that bitcoin can serve as transparent, auditable collateral, aligning with BitGo’s mission to accelerate the transition to a digital-asset economy.

Why This Matters for the Future of Digital Assets

Bitcoin is now being integrated into one of the most conservative corners of finance: the municipal bond market. This showcases digital assets’ potential to support public infrastructure, economic development, and responsible innovation.

With BitGo Trust providing custody and collateral agent solutions, other public-sector institutions can confidently explore using digital assets within existing regulatory expectations. BitGo’s regulated cold storage framework helps public sectors adopt digital assets while managing risk.

Learn More

Governments, municipalities, and institutions exploring how to safely integrate digital assets into their financial frameworks can connect with BitGo’s team to learn more about how secure, compliance-first infrastructure can unlock new financial opportunities and responsibly integrate digital assets into the public sector.

Explore digital asset solutions for governments and municipalities today

FAQ

Why is BitGo involved in this bond?

BitGo Trust Company serves as the qualified custodian, securing all Bitcoin collateral in regulated cold storage, which is essential for compliance, risk management, and institutional confidence.

How does BitGo’s custody infrastructure enable the state and investors to manage risk?

BitGo’s custody model keeps collateral securely held, segregated, and protected under strict regulatory standards, minimizing counterparty risk and safeguarding investor interests.

How does this benefit the broader crypto ecosystem?

It demonstrates that digital assets can be integrated into traditional debt markets using qualified custodianship, transparent governance, and rigorous security.

Could this model scale to other states or asset classes?

With regulated custody in place, this structure can be adapted for additional municipal, corporate, and institutional financing needs.

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About BitGo

BitGo is the digital asset infrastructure company, delivering custody, wallets, staking, trading, financing, and settlement services from regulated cold storage. Since our founding in 2013, we have been focused on accelerating the transition of the financial system to a digital asset economy. With a global presence and multiple regulated entities, BitGo serves thousands of institutions, including many of the industry's top brands, exchanges, and platforms, and millions of retail investors worldwide. For more information, visit www.bitgo.com.

©2026 BitGo, Inc. (collectively with its parent, affiliates, and subsidiaries, “BitGo”). All rights reserved. BitGo Bank & Trust, National Association (“BitGo Bank & Trust”) is a national trust bank chartered and regulated by the Office of the Comptroller of the Currency (OCC). BitGo Bank & Trust is a wholly-owned subsidiary of BitGo Holdings, Inc., a Delaware corporation headquartered in Sioux Falls, South Dakota. Other BitGo entities include BitGo, Inc. and BitGo Prime LLC, each of which is a separately operated affiliate of BitGo Bank & Trust. BitGo does not offer legal, tax, accounting, or investment advisory services. The information contained herein is for informational and marketing purposes only and should not be construed as legal, tax, or investment advice. Digital assets are subject to a high degree of risk, including the possible loss of the entire principal amount invested. Past performance and illustrative examples do not guarantee future results. BitGo Holdings, Inc., BitGo Bank & Trust, BitGo, Inc. and BitGo Prime LLC are not registered broker-dealers and are not members of the Securities Investor Protection Corporation (“SIPC”) or the Financial Industry Regulatory Authority (“FINRA”). Digital assets held in custody are not guaranteed by BitGo and are not subject to the insurance protections of the Federal Deposit Insurance Corporation (“FDIC”) or SIPC. This communication contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. These statements may include words such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foreseeable,” “guidance,” “intend,” “likely,” “may,” “objectives,” “outlook,” “plan,” “potentially,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or variations of these terms and similar expressions. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Risk Factors” in BitGo Holdings, Inc.’s registration statement on Form S-1, as amended, relating to the initial public offering. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the registration statement. Although BitGo believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. BitGo undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.