"The bonds, split into two classes, Series 2026A-1 and Series 2026A-2, both due in 2029, are tied to the Waverose Finance Project and are backed by bitcoin held as collateral."
"Each class carries a fixed coupon. Holders of Series A-2 bonds may also receive additional payments at maturity if bitcoin's value has appreciated since the pricing date."
"Repayment depends entirely on proceeds from the bitcoin collateral. Bitgo Bank & Trust, National Association will hold the bitcoin in segregated wallets on behalf of bondholders."
"The deal includes a collateral valuation mechanism tied to loan-to-value thresholds, with initial coverage set at 1.60x and an LTV trigger at 1.40x."
The bonds, Series 2026A-1 and Series 2026A-2, are due in 2029 and backed by bitcoin collateral. NH Cleanspark Borrower Trust 2026-1 is the borrower, while the state authority acts as the lender. Series A-2 bondholders may receive additional payments if bitcoin appreciates. The bonds are limited recourse obligations with no public funds backing them. Bitgo Bank & Trust will hold the bitcoin, and Bitgo Prime will liquidate BTC as needed. A collateral valuation mechanism is in place, with mandatory redemption if collateral value drops to a specified threshold.
Read at news.bitcoin.com
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