Crypto M&A: Northern Data (NB2) Cut to Hold by Canaccord on Rumble's (RUM) Purchase

Canaccord Genuity downgraded Northern Data (NB2) to Hold from Buy and lowered its price target to 15 euros from 27 euros following the signing of a business combination agreement for its merger with video platform Rumble (RUM). The brokerage cited the merger's implied exchange ratio, noting that additional conditional payments tied to commercialization milestones are unlikely to significantly alter the valuation. The deal, expected to close in Q2 2026, involves an exchange offer for Northern Data shares, a 150 million-euro GPU purchase agreement from Tether, and a 100 million-euro ad commitment from Tether, which is Northern Data’s majority shareholder and will become an anchor customer. Analysts believe the deal terms reflect Northern Data’s organizational volatility and the evolving AI infrastructure landscape, despite Northern Data shares rising on the news.

(Source：CoinDesk)