Northern Data, a Frankfurt-listed data center operator by Tether, has sold its Bitcoin mining business. The business, Peak Mining, has been sold to three companies controlled by senior Tether executives. According to a report by the Financial Times, Peak Mining was sold for up to $200 million to three companies, i.e., Appalachian Energy, Highland Group Mining, and an Alberta-based company. The Alberta-based company is run by Tether CEO Paolo Ardoino and co-founder and chair Giancarlo Devasini.
Devasini is also listed as the sole director of the Alberta company, while the ownership and management of Delaware-based Appalachian Energy remain unclear.
Northern Data Announces Sale of Peak Mining
Northern Data announced the sale of Peak Mining in November but did not disclose the identities of the buyers. The company cited the absence of a regulatory requirement under German law. The transaction occurred shortly before the video-sharing platform Rumble agreed to acquire Northern Data. Tether owns nearly a 50% stake in Rumble.
The sale marks the second attempt by Northern Data to offload Peak Mining to a Devasini-linked company. An earlier agreement in August to sell the company to Elektron Energy for $235 million collapsed after allegations surfaced of an inside informer. Northern Data is currently under investigation by European prosecutors for suspected tax fraud, and its offices were raided by authorities in September.
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Tether’s financial exposure to Northern Data is significant. The data center firm reportedly has a €610 million ($715 million) loan from Tether. Under the terms of the Rumble acquisition, Tether is set to receive half of the outstanding loan in Rumble shares. The remainder of the loan will be converted into a new loan from Tether to Rumble secured against Northern Data’s assets.
Beyond its core stablecoin business, Tether has been rapidly expanding into new sectors, including artificial intelligence (AI), media, and Bitcoin mining. The company recently agreed to a $100 million advertising deal with Rumble and plans to purchase $150 million worth of GPU services as part of its mining and AI goals.
Despite recent sales, Tether remains the dominant force in the stablecoin market. It holds approximately 60% market share with $187 billion worth of USDT in circulation. The company has also explored sports investments, launching $1.1 billion bid this month to acquire Italy’s Juventus football club. Their bid was later rejected.
