Northern Data, a data centre operator majority owned by stablecoin issuer Tether, has sold its Bitcoin mining division to companies controlled by senior Tether executives, according to a report by the Financial Times. The business sold was Peak Mining, which formed a key part of Northern Data’s crypto operations.
The buyers were not named when the transaction was first announced in November. German regulators did not require Northern Data to disclose the identities at that stage. The Financial Times has now reported that the assets were sold for up to 200 million dollars.
Buyers tied to Tether leadership
The mining business was acquired by three companies known as Highland Group Mining, Appalachian Energy and an Alberta based firm. These entities are linked to Giancarlo Devasini, co founder and chair of Tether, plus Paolo Ardoino, its chief executive.
Corporate filings reportedly show that both Devasini and Ardoino serve as directors of Highland Group Mining. Devasini is also listed as the sole director of the Alberta based company. The ownership and management structure of Appalachian Energy, which is registered in Delaware, remains unclear.
Tether’s complex web of financial ties. Source: The Financial Times
The transaction took place shortly before video sharing platform Rumble agreed to acquire Northern Data. Tether already holds close to a fifty percent stake in Rumble, further tightening the network of financial links between the firms.
Second attempt to divest the mining unit
This was not Northern Data’s first effort to sell Peak Mining. In August, the company announced a deal to sell the unit to Elektron Energy for 235 million dollars. That transaction later collapsed following whistleblower allegations, prompting the sale process to be restarted.
Northern Data itself is under scrutiny from European prosecutors who are investigating suspected tax fraud. Authorities reportedly raided the company’s offices in September as part of the ongoing probe. These legal challenges have added pressure on the firm as it reshapes its operations.
Complex web of financial ties
Tether has deep financial exposure to Northern Data. The company currently has a loan of 610 million euros from the stablecoin issuer. As part of Rumble’s planned acquisition of Northern Data, Tether is expected to receive half of the outstanding loan balance in Rumble shares.
The remaining amount will be repaid through a new loan provided by Tether to Rumble. This loan will be secured against Northern Data’s assets, according to the Financial Times. Beyond this, Tether has also agreed to a 100 million dollar advertising deal with Rumble and plans to purchase 150 million dollars worth of GPU services from the platform as it expands its activities in Bitcoin mining and artificial intelligence.
Tether expands beyond stablecoins
Tether remains the dominant force in the global stablecoin market, holding around sixty percent market share with approximately 187 billion dollars of USDT in circulation. In recent years, the company has increasingly diversified its interests beyond digital tokens.
Alongside investments in Bitcoin mining, data centres and artificial intelligence infrastructure, Tether has also shown interest in the media and sports sectors. On 12 December, it launched a 1.1 billion dollar bid to acquire Italian football club Juventus. The offer was ultimately rejected by the club’s owners, though it highlighted Tether’s ambitions to expand its footprint far beyond the world of stablecoins.
