[Bitcoin Enters Public Bond Market, Moody's Issues First Rating for Crypto-Backed Bonds] According to Golden Finance, on April 1, the New Hampshire Business Finance Authority plans to issue what appears to be the first-rated Bitcoin-backed bond, with Moody's assigning it a preliminary Ba2 rating. This marks a new intersection between crypto assets and public finance. These bonds are backed by Bitcoin held in custody with BitGo as the supporting asset. The securities are structured as limited recourse, ensuring that New Hampshire's public funds are not at risk, indicating that the state primarily acts as a conduit issuer. Meanwhile, rating agencies are continuously refining their evaluation methods for crypto asset-backed debt.