A first-of-its-kind municipal bond backed by bitcoin is moving closer to issuance after receiving a sub-investment-grade rating from Moody’s Investors Service, marking a major step in the convergence of digital assets and traditional public finance.

The proposed $100 million issuance, structured by the New Hampshire Business Finance Authority (BFA), earned a Ba2 rating — two notches below investment grade, according to Bloomberg reporting.

If completed, the deal would represent the first municipal bond backed by bitcoin collateral, opening a potential new pathway for institutional capital to access the asset class through regulated fixed-income markets.

Under the proposed…

Read more on BitcoinMagazine