The bonds carry a combined face value of up to $100 million and mature in 2029 under the Waverose Finance Project. Moody's applied a 72.06% advance rate, set initial overcollateralization at 1.60x, and established a loan-to-value trigger at 1.40x that mandates redemption if breached. This milestone underscores Moody's strategic expansion into digital finance and on-chain ratings, potentially creating a new revenue stream and establishing a benchmark for future crypto-collateralized debt offerings. As limited-recourse instruments, no New Hampshire public funds are at risk; repayment relies solely on Bitcoin held in custody by BitGo Bank & Trust. A drop in Bitcoin value to 1.40x the loan value will force mandatory liquidation to protect bondholders. Moody's became the first major credit agency to rate bonds directly collateralized by Bitcoin, assigning a provisional Ba2 rating to a pair of Bitcoin-backed revenue bonds to be issued through the New Hampshire Business Finance Authority.