Tether-Backed Northern Data Sold Mining Firm to Tether Execs

• Northern Data sold its Bitcoin mining arm, Peak Mining, for up to $200 million
• Buyers are companies controlled by senior Tether executives
• Giancarlo Devasini and Paolo Ardoino are directly linked to the acquiring firms
• The sale occurred shortly before Rumble agreed to acquire Northern Data
• Northern Data is under investigation by European prosecutors
• The deal highlights Tether’s expanding web of financial ties beyond stablecoins

Tether-backed data center operator Northern Data has reportedly sold its Bitcoin mining subsidiary, Peak Mining, to companies controlled by senior executives at Tether, according to a report by the Financial Times.

The transaction, valued at up to $200 million, saw Peak Mining sold to three entities: Highland Group Mining, Appalachian Energy, and an Alberta-based company. The buyers are reportedly run by Giancarlo Devasini, Tether’s co-founder and chairman, and Paolo Ardoino, Tether’s CEO.

Corporate filings cited by the FT show that both Devasini and Ardoino serve as directors of Highland Group Mining, while Devasini is listed as the sole director of the Alberta-based company. The leadership of Delaware-registered Appalachian Energy remains unclear.

Northern Data first disclosed the divestment of Peak Mining in November but did not identify the buyers, as German regulators did not require public disclosure of their identities.

Timing Raises Questions

The sale took place shortly before video-sharing platform Rumble — a company in which Tether owns nearly a 50% stake — agreed to acquire Northern Data. The sequence of events has drawn attention to what the Financial Times described as Tether’s increasingly complex web of financial relationships.

This marks the second attempt to sell Peak Mining to a company linked to Devasini. An earlier deal announced in August with Elektron Energy, valued at $235 million, collapsed following whistleblower allegations.

At the same time, Northern Data is facing scrutiny from European prosecutors over suspected tax fraud. Authorities reportedly raided the company’s offices in September as part of the investigation.

Deepening Financial Entanglements

Beyond the mining sale, Tether’s financial exposure to Northern Data remains significant. The data center operator reportedly holds a 610 million euro ($715 million) loan from Tether.

Under the terms outlined by the FT, Tether will receive half of that loan’s balance in Rumble stock as part of Rumble’s acquisition of Northern Data. The remaining balance will be refinanced through a new loan from Tether to Rumble, secured against Northern Data’s assets.

Separately, Tether has agreed to a $100 million advertising deal with Rumble and plans to purchase $150 million worth of GPU services from the platform as it expands its Bitcoin mining and AI ambitions.

Tether’s Expansion Beyond Stablecoins

Tether remains the dominant force in the stablecoin market, controlling roughly 60% of global market share with around $187 billion worth of USDT in circulation.

However, the company has been increasingly branching out into other sectors, including Bitcoin mining, artificial intelligence, data centers, media platforms and even professional sports. In December, Tether made a $1.1 billion bid to acquire Italian football club Juventus, though the offer was ultimately rejected.

As Tether continues to diversify, the Northern Data transaction underscores how intertwined its operations have become across crypto, infrastructure and traditional industries — a trend that is likely to attract continued regulatory and market scrutiny.