Moody’s prices Bitcoin at a 28% haircut — and sets the trigger for forced selling

On Mar. 31, Moody’s assigned provisional Ba2 ratings to up to $100 million in taxable revenue bonds for the Waverose Finance Project. The bonds are secured by a loan to NH CleanSpark Borrower Trust 2026-1, with Bitcoin (BTC) as the pledged collateral. Those numbers set the conditions under which traditional finance agreed to work with Bitcoin at all: 72.06 cents of credit for every dollar of collateral value, a two-d…