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.

©2025 BitGo, Inc. (collectively with its parent, affiliates, and subsidiaries, “BitGo”). All rights reserved. BitGo Trust Company, Inc., BitGo, Inc., and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA. BitGo does not offer legal, tax, or investment advisory services. The statements contained herein are only intended for marketing and informational purposes and should not be interpreted as legal, tax, or investment advice. Please consult your legal,tax,investment, or other professional advisor for questions about your specific circumstances. Digital asset holdings involve a high degree of risk, and digital asset values may fluctuate on any given day. Accordingly, your digital asset holdings may be subject to large swings in value and may even become worthless. The information provided herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law, statute, or regulation. BitGo is not directing this information to any person in any jurisdiction where the publication or availability of the information is prohibited, by reason of that person’s citizenship, residence, or otherwise. The information contained in our press releases, blogs, and presentations should be considered accurate only as of the date of the press release, blog, or presentation. We disclaim any obligation to supplement or update the information in these press releases, blogs, or presentations, except as may be required by law. Product availability and client eligibility will vary by jurisdiction. Services listed may be provided by one of BitGo's affiliated entities.