In this episode of Muni Lowdown, we take a look at New Hampshire’s first‑of‑its‑kind Bitcoin‑backed municipal bond with guest Les Borsai, Co‑Founder of Wave Digital Assets. We unpack what the deal actually is—in straightforward municipal terms—and why a conduit issuer became the vehicle of choice for a digital‑asset‑collateralized financing.We explore the rationale behind using this structure. Les walks through how traditional muni investors should think about Bitcoin as collateral, how the structure manages price movements over time, and what safeguards were essential in earning state‑level approval.Listeners will also hear how this differs from familiar asset‑backed or project‑finance muni bonds, what types of investors have shown early interest, and whether innovations like this are likely to remain niche experiments or signal the beginning of a broader intersection between digital assets and public finance.