EU’s Largest Bitcoin Miner Northern Data Sold to Tether-run Companies, But There’s a Twist

Northern Data, the EU's largest Bitcoin miner, sold its subsidiary Peak Mining in November as part of a strategic pivot towards AI and high-performance computing. The transaction is now under scrutiny because investigative reports revealed that at least two of the three acquiring entities are controlled by Giancarlo Devasini (Tether's co-founder and chairman) and Paolo Ardoino (Tether’s CEO). This connection is significant because Tether already holds a controlling 54% stake in Northern Data and has provided it with a substantial loan, suggesting the sale was a related-party dealing that was not disclosed at the time. The deal's structure was only revealed weeks later through international filings, as Northern Data trades on a German secondary market with lighter disclosure rules. Furthermore, this sale followed the collapse of an earlier, higher-valued deal for Peak Mining with another entity reportedly controlled by Devasini, adding complexity to the transaction's timing and valuation.

(Source：CCN)