Northern Data Divests Bitcoin Mining Arm to Companies Linked to Tether Officials

Highlights:

• The recent corporate filings show companies tied to Tether executives bought Bitcoin mining subsidiary Peak Mining.
• Northern Data sold Peak Mining shortly before the Rumble acquisition as it redirected towards data center and AI operations.
• The deal took place amid continued regulatory scrutiny in Europe due to fraud related to legacy operations.

Northern Data has sold its Bitcoin mining subsidiary Peak Mining for up to $200 million, according to a Financial Times report. Corporate filings later identified buyers linked to Tether executives Giancarlo Devasini and Paolo Ardoino. Records show Highland Group Mining lists Devasini and Ardoino as directors. Canadian filings also name Devasini as the sole director of an Alberta-based buyer. However, public records do not list directors for Delaware-based Appalachian Energy.

Tether-backed Northern Data sold its mining arm to Tether exec-owned firms.
An internal move signaling strategic consolidation, prioritizing operational efficiency.

Expect a neutral hashprice outlook; direct market supply isn't affected.
Use market insights to simplify hashpower…

— Lumerin Protocol (@HelloLumerin) December 22, 2025

Northern Data announced the divestment in November but did not name the buyers at that time. The company trades on a lightly regulated German market segment with limited disclosure rules. Because of this structure, the company did not need to flag related-party transactions. Later filings still revealed direct links to Tether’s leadership team. These revelations reconfigured the way investors perceived the deal.

The sale was completed after months of reexamination of the North’s data governance practices. Meanwhile, market participants revisited ownership connections among related parties. The leadership overlap created issues regarding the independence of the transaction. At the same time, the deal met existing listing requirements. This balance kept the transaction compliant but was closely examined.

Northern Data Divests Ahead of Rumble Takeover

Northern Data divested its mining unit shortly before Rumble agreed to acquire the company. Rumble signed a business combination agreement valuing Northern Data at about $767 million. Tether holds roughly a 48% stake in Rumble, linking the companies financially. As a result, the timing tied the sale to the broader acquisition framework. This move reduced Northern Data’s direct mining exposure before the takeover.

RUMBLE TO ACQUIRE CRYPTO MINER NORTHERN DATA IN $767 MILLION STOCK DEAL

Video platform Rumble announced plans to acquire Bitcoin mining firm Northern Data in a $767 million all-stock transaction, following Tether’s recent $775 million investment and joint AI partnership with… pic.twitter.com/5MBUPcEOq5

— Crypto Town Hall (@Crypto_TownHall) November 11, 2025

Tether also extended a €610 million loan to Northern Data before the acquisition agreement. The reported terms state that half of the loan will convert into Rumble equity after closing. The remaining balance will roll into a new loan from Tether to Rumble. That loan will use Northern Data assets as collateral. These steps redistributed financial risk across related entities.

Tether also committed to buy $150 million in GPU services from Rumble. The company separately signed a $100 million advertising agreement. These agreements combined to strengthen commercial relationships between Tether and Rumble. In the meantime, Northern Data was redirecting towards data center and AI operations. The mining sale simplified the company’s structure during the transition.

Failed Sale and Ongoing Regulatory Scrutiny

Northern Data previously attempted to sell Peak Mining in August. That earlier deal involved Elektron Energy and carried a proposed price of $235 million. However, the transaction collapsed after whistleblower allegations emerged. Later filings linked Elektron Energy to Devasini-controlled entities. The company then pursued a different sales structure.

The final sale was at a price lower than the previous offer. The buyers were once again associated with Devasini-linked firms in the filings. In the meantime, European officials raided Northern Data offices in September. Prosecutors examined alleged VAT fraud related to legacy operations. Northern Data rejected the accusations of misconduct and referred to a misunderstanding of tax treatment.