Tether Executives Buy Northern Data’s Bitcoin Mining Business for $200M

TLDR

• Northern Data sold Peak Mining to Tether executives for up to $200 million.
• The deal occurred just before Rumble’s acquisition of Northern Data.
• Tether also provided Northern Data with a €610 million loan.
• Northern Data faces an investigation for suspected tax fraud.

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Northern Data, a data center operator majority-owned by Tether, has sold its Bitcoin mining division, Peak Mining, to companies owned by Tether executives. The deal, reportedly valued at up to $200 million, was finalized amid ongoing investigations into Northern Data’s financial practices. This divestment marks a key event in Tether’s expanding involvement in various sectors beyond stablecoin operations.

Deal Involving Tether Executives

The sale of Peak Mining was made to three companies controlled by Tether executives, including Giancarlo Devasini, Tether’s co-founder and chair, and Paolo Ardoino, its CEO. The three entities involved in the purchase are Highland Group Mining, Appalachian Energy, and an Alberta-based company. Filings show that both Devasini and Ardoino are listed as directors of Highland Group, and Devasini is also the sole director of the Alberta company.

The transaction was first announced in November 2025, although the identities of the buyers were not disclosed initially due to regulatory requirements in Germany. It is worth noting that this sale is the second attempt by Northern Data to divest its mining division. A previous agreement to sell Peak Mining to Elektron Energy for $235 million was scrapped following whistleblower allegations.

Financial Context and Tether’s Influence

Northern Data has deep financial ties with Tether, including a substantial loan. The company currently owes Tether a €610 million ($715 million) loan, which will be partially settled through stock and new loan arrangements. Half of the loan will be settled in Rumble stock, as part of Northern Data’s agreement to be acquired by the video-sharing platform, in which Tether holds a significant stake. The remaining balance will be covered by a new loan from Tether to Rumble, secured by Northern Data’s assets.

The sale of Peak Mining and the loan restructuring indicate a broader strategy by Tether to strengthen its position in various markets. Aside from stablecoins, Tether has shown growing interest in sectors like artificial intelligence, Bitcoin mining, and video-sharing platforms.

Legal Challenges and Investigations

Northern Data is currently under investigation by European prosecutors for suspected tax fraud. The company’s offices were raided in September as part of the ongoing probe. The timing of this divestment has raised questions, as it comes amid these legal challenges and shortly before Rumble’s acquisition of Northern Data. However, it remains unclear how these legal matters will impact Tether’s broader strategy or its involvement in Northern Data’s affairs.

In addition to its growing stake in Rumble, Tether is also exploring other investments in the sports and tech industries. For instance, the stablecoin issuer recently launched a $1.1 billion bid to acquire Juventus Football Club, though the offer was rejected by the club’s owners.

Tether’s Expanding Influence

Tether’s investments are broadening beyond its core business of stablecoins. The company’s recent ventures into Bitcoin mining, video-sharing platforms, and even sports are part of a larger strategy to diversify its holdings. Tether’s control over Northern Data and the ongoing acquisitions reflect its growing influence in various industries, signaling its interest in long-term strategic investments.

Tether remains the world’s leading issuer of stablecoins, maintaining a 60% market share of the stablecoin market. With its continued push into sectors like artificial intelligence and mining, Tether is positioning itself as a significant player in the global tech and finance space.

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