March 15, 2022 | North iQ Newsletter

North iQ Weekly Newsletter is curated to provide insights on digital asset industry developments, market announcements, and performance analysis.

El Salvador may reportedly be the first country to ever issue debt backed by bitcoin (BTC) this week. The issuance could mark a major milestone for bitcoin adoption both inside the country and around the world.

The bond will be issued by El Salvador’s state-owned energy company LaGeo through the Liquid Network, created by the Canadian firm Blockstream, and a security tradable on the Bitfinex platform.

Source: Bitfinex | November 21, 2021

  • El Salvador’s finance minister, Alejandro Zelaya, has announced that a bitcoin-backed bond could be issued on March 15th-20th. (Source: Twitter | March 11, 2022)
  • The $1 billion USD volcano bond will have an initial 6.5% coupon. (Source: Fortune | March 14, 2022) 
  • Half of the of proceeds are to be allocated to energy and bitcoin mining infrastructure, while the other half will be used to directly purchase BTC as part of the country’s treasury. (Source: CoinDesk | February 9, 2022)
  • Several weeks ago, the bond had reportedly received over $500 million USD in verbal commitments. (Source: Markets Insider | February 22, 2022)
  • Proof-of-Work (PoW) miners will be powered by geothermal energy provided by local Volcanos. (Source: Twitter | January 8, 2022)

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Frederick T. Pye is the Chairman, Chief Executive Officer and Director of 3iQ Corp. He is also the Chairman and Director of 3iQ Digital Holdings Inc. Mr. Pye is recognized for creating and promoting creative and unique investment products for the investment industry.

Mr. Pye has managed private client portfolios with Landry Investment Management and various other investment dealers. Prior to this Mr. Pye was Founder, President & Chief Executive Officer of Argentum Management and Research Corporation, a company dedicated to managing and distributing quantitative investment portfolios including the first long-short mutual fund in Canada.

He was also Senior Vice-President and National Sales Manager of Fidelity Investments Canada and an integral part of the team that saw assets rise from $80 million to over $7.5 billion in assets under management during his tenure. He also held various positions with Guardian Trust Company, which listed the first Gold, Silver and Platinum Certificates on the Montreal Exchange.

Mr. Pye obtained a Masters in Business Administration from Concordia University.