Tether-backed Northern Data sold bitcoin mining arm to companies run by Tether’s own executives: FT
Tether-majority-owned Northern Data sold its Peak Mining subsidiary to entities controlled by Tether's top executives for up to $200 million.Summary
Northern Data, the German AI and data center company majority-owned by Tether, sold its bitcoin mining subsidiary, Peak Mining, for up to $200 million to companies controlled by Tether's top executives, according to a Financial Times report.
The buyers—Highland Group Mining Inc., Appalachian Energy LLC, and 2750418 Alberta ULC—are directly linked to Tether's leadership, with filings showing Giancarlo Devasini (Tether's co-founder and chairman) and Paolo Ardoino (CEO) controlling Highland Group Mining. This follows a previously announced, but ultimately failed, sale of Peak Mining to another Devasini-controlled entity, Elektron Energy.
The transaction occurred shortly before Rumble, in which Tether holds a significant stake, announced an agreement to acquire Northern Data for up to $970 million. This deal involves Tether extending a large loan to Northern Data, part of which will convert into Rumble stock. The sale also comes as Northern Data faces regulatory scrutiny, including raids by European authorities over alleged VAT fraud, and amid broader concerns about Tether's USDT stability rating.
(Source：The Block)