May 6, 2026
Lukka, the leading institutional digital asset data and software provider, today announced its role in supporting the pricing and valuation infrastructure behind a landmark Bitcoin-backed municipal bond issued by the New Hampshire Business Finance Authority, in collaboration with BitGo Holdings, Inc. (NYSE: BTGO) (“BitGo”), the digital asset infrastructure company.
This transaction represents a major milestone in the evolution of capital markets–bringing digital assets into traditional fixed income structures and signaling the beginning of a new era where crypto-native collateral can support regulated financial instruments.
At the core of this innovation is Lukka Prime, Lukka’s institutional-grade pricing solution, which provides fair market value (FMV) pricing for the Bitcoin collateral underpinning the bond, held in regulated, insured cold storage through BitGo’s subsidiary, BitGo Bank & Trust, National Association. Lukka Prime is purpose-built to align with global accounting standards, including GAAP and IFRS, ensuring that valuations are transparent, consistent, and audit-ready.
Bringing Institutional-Grade Confidence to Digital Collateral
As digital assets increasingly enter traditional financial structures, the need for reliable, defensible valuation becomes critical. Lukka Prime addresses this challenge by identifying the principal market for each asset and deriving pricing from executed trade data–ensuring that valuations reflect real market conditions rather than averages from unvetted sources.
By providing accurate, regulator-aligned pricing for Bitcoin collateral, Lukka enables financial institutions to confidently structure, issue, and manage products that bridge traditional finance and digital assets.
Executive Commentary
“Proper collateral valuation is a key element that creditors use to understand their true risk exposure. When that valuation is inaccurate, creditors are unknowingly exposed to risk. Digital assets introduce new layers of complexity to this challenge, from fragmented liquidity across global venues to the absence of an easy to identify principal market. These are exactly the problems Lukka has built its pricing infrastructure to solve. We are proud to continue to support the advancement of digital assets and blockchain technology into traditional financial market infrastructure.” said Dan Huscher, Chief Operating Officer at Lukka.
“We’re seeing firsthand how innovation across capital markets is unlocking new ways to structure and collateralize financial products. Our partnership with Lukka demonstrates how Bitcoin can be securely held and reliably priced for use in regulated financial structures. We believe this is just the beginning as custody and infrastructure become increasingly central to the modern capital markets.” said Mike Belshe, CEO and Co-founder of BitGo.
A New Chapter for Tokenized and Crypto-Backed Finance
The issuance of a Bitcoin-backed municipal bond reflects a broader transformation underway across global markets. Real-world assets–including bonds, funds, and credit instruments–are increasingly being structured with digital asset components or moving on-chain entirely.
This shift introduces new opportunities for liquidity, transparency, and capital efficiency, but also new complexities around valuation, tracking, and reporting.
Lukka’s infrastructure is designed to address these challenges by transforming fragmented on- and off-chain data into a unified, audit-ready source of truth–delivering the trust institutions need, the truth regulators demand, and the transparency investors expect.
Powering the Future of Collateral and Capital Markets
As financial institutions explore new forms of collateral, including Bitcoin and other digital assets, robust data infrastructure becomes foundational. The ability to price, track, and report on these assets consistently across systems is essential for adoption at scale.
Lukka’s role in this transaction highlights a broader industry shift:
- From static collateral to programmable, digital collateral
- From siloed systems to unified data infrastructure
- From experimental use cases to institutional-grade financial products
As tokenization and digital collateral markets continue to expand, Lukka is positioned to serve as the critical data layer enabling these innovations–supporting everything from issuance and valuation to reporting and compliance.
About Lukka
Founded in 2014, Lukka provides enterprise blockchain data and software solutions to financial institutions, exchanges, fund administrators, and government agencies. Its platform transforms raw on- and off-chain activity into audit-ready intelligence–powering accounting, compliance, risk, and reporting workflows across the digital asset ecosystem.
Lukka operates under AICPA SOC 1 Type II and SOC 2 Type II frameworks, delivering institutional-grade data and infrastructure for the next generation of finance.
Learn more: Website | X (Twitter) | LinkedIn
About BitGo
BitGo (NYSE: BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions, including many of the industry’s top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide.
For more information, visit www.bitgo.com.
