The data shows that Bitcoin's entry into credit markets is a result of its increasing legitimacy and recognition by traditional financial institutions. Statistically speaking, the use of Bitcoin as collateral in credit markets is a significant development, as it demonstrates the growing acceptance of cryptocurrency as a legitimate store of value.
Looking at on-chain metrics, we can see that Bitcoin's price has been relatively stable in recent months, which has helped to increase its appeal to institutional investors. The Waverose Finance Project is a taxable revenue bond secured by a loan to NH CleanSpark Borrower Trust 2026-1, with Bitcoin as the pledged collateral. This development marks a significant milestone in the history of cryptocurrency, as it demonstrates the growing acceptance of Bitcoin as a legitimate store of value.
The Opening Price of Trust
The Waverose structure is a taxable conduit revenue bond. New Hampshire’s role ends at the conduit, and bondholders carry all loss risk. This is limited-recourse, institutional plumbing. Two things follow from that structure. First, it keeps risk quarantined: if the collateral breaks down, bondholders absorb the loss. Second, it lays out the precise terms on which traditional finance decided Bitcoin could enter the credit system.
- The Waverose Finance Project is a taxable revenue bond secured by a loan to NH CleanSpark Borrower Trust 2026-1, with Bitcoin as the pledged collateral.
- The bond has a provisional Ba2 rating from Moody's, with a stressed collateral value of 72.06% of the market price.
- The bond has a two-day exposure window to act on price moves, and a 1.60x initial collateral coverage, which forces action when it drops to 1.40x.
From Owned to Pledged
New Hampshire arrived alongside two other recent moves pointing in the same direction. In February, S&P assigned the first-ever rating to a structured finance transaction backed by Bitcoin. The transaction was the Ledn Issuer Trust 2026-1, with roughly $199.1 million in loans secured by 4,078.87 BTC, carrying a fair market value of approximately $356.9 million, implying an LTV of about 55.8% at inception.
In March, Better and Coinbase launched what they called the first crypto-backed conforming mortgage, in which a borrower pledges $250,000 in BTC to fund a $100,000 down payment, while the first lien stays Fannie Mae-backed.
Our Take
The data shows that Bitcoin's entry into credit markets is a significant development, as it demonstrates the growing acceptance of cryptocurrency as a legitimate store of value. Looking at on-chain metrics, we can see that Bitcoin's price has been relatively stable in recent months, which has helped to increase its appeal to institutional investors. As the use of Bitcoin as collateral in credit markets continues to grow, we can expect to see increased adoption and recognition of cryptocurrency as a legitimate store of value.
Statistically speaking, the use of Bitcoin as collateral in credit markets is a significant development, as it demonstrates the growing acceptance of cryptocurrency as a legitimate store of value. The Waverose Finance Project is a taxable revenue bond secured by a loan to NH CleanSpark Borrower Trust 2026-1, with Bitcoin as the pledged collateral. This development marks a significant milestone in the history of cryptocurrency, as it demonstrates the growing acceptance of Bitcoin as a legitimate store of value.
