The New Hampshire Business Finance Authority (BFA) is set to issue $100 million in Bitcoin-collateralized bonds carrying a provisional Ba2 rating from Moody’s Investors Service – a speculative-grade designation that places this instrument two notches below the lowest investment-grade threshold and marks the first known instance of a U.S. public authority issuing debt fully backed by Bitcoin. For municipal bond markets accustomed to state-level paper rated Aa or above, a Ba2 on a crypto-collateralized structure is not merely a footnote – it is a signal that the conventional muni buyer universe is, by mandate, largely excluded before the first coupon is cut