Moody's (NYSE: $MCO) has issued its first rating on a Bitcoin-backed (CRYPTO: $BTC) bond.
The New Hampshire Business Finance Authority is set to issue what appears to be the first professionally rated Bitcoin-backed bond, marking yet another step toward integrating cryptocurrencies into traditional finance.
The bond has received a "Ba2 rating" from Moody's, a leading U.S. credit rating agency. That Ba2 rating is two notches below what's considered investment grade.
The bond will be issued through the Business Finance Authority of the State of New Hampshire and is backed by Bitcoin held as collateral, according to a press release announcing the rating.
"The Rated Bonds will be collateralized by a loan… backed by Bitcoin, a digital currency," Moody's said in the news release.
Moody's added that its rating reflects "risks associated with the transaction's collateral, structure and operation," notably Bitcoin's volatility.
Additionally, Moody's stressed that no public funds are at risk from the Bitcoin-backed bond sale by the State of New Hampshire.
Analysts say that the Ba2 rating places the bond in speculative-grade territory, but signals to markets that credit rating agencies are developing frameworks for crypto-backed assets.
The deal arrives as institutions test ways to use Bitcoin beyond trading or treasury holdings.
The U.S. Labor Department recently proposed a rule change that will open 401(k) retirement plans to cryptocurrencies such as Bitcoin.
MCO stock has declined 7% over the last 12 months to trade at $436.25 U.S. per share.
COMTEX_476373803/2797/2026-04-01T12:40:25