In its final approval stage, New Hampshire’s Executive Council narrowly rejected the bond proposal with a 3–2 vote.

In a late reversal, the state backed away from what would have been a first-of-its-kind initiative — a state-authorized, rated bond tied to Bitcoin — effectively shutting the project down.

The bond had recently secured a Ba2 rating from Moody’s, but the Executive Council, which signs off on major financial decisions, ultimately voted it down, with a slim majority citing concerns about the state’s financial reputation.

The plan involved issuing the bond through the Business Finance Authority of New Hampshire to support a private-sector deal of up to $100 million linked to Bitcoin mining and data center company CleanSpark. The council’s decision marked the final hurdle.

Keith Ammon, a long-time crypto advocate and majority floor leader in the New Hampshire House of Representatives, criticized the move on X, calling it “short-sighted” and urging officials to revisit the decision after reviewing all the facts.

He also pointed to election-year pressures as a possible factor, noting that a single vote tipped the balance and insisting that supporters have not abandoned the effort.

New Hampshire has been among the most proactive states in crypto policy, becoming the first in the U.S. to establish a crypto reserve, ahead of still-developing federal initiatives.