Northern Data, the Frankfurt-listed data center operator backed by Tether, has reportedly sold its Bitcoin mining business, Peak Mining, to three companies controlled by senior executives at the stablecoin issuer.
According to a report by the Financial Times published Friday, Northern Data agreed to sell Peak Mining for a total value of up to $200 million. The buyers include Highland Group Mining, Appalachian Energy, and an Alberta-based company. Corporate filings cited in the report show that these firms are linked to Tether co-founder and chairman Giancarlo Devasini and Tether CEO Paolo Ardoino.
Highland Group Mining lists Devasini and Ardoino as its directors, while the Alberta-based entity is reportedly controlled solely by Devasini. The ownership structure of Appalachian Energy, which is registered in Delaware, has not been publicly disclosed.
Northern Data announced the divestment of Peak Mining in November but did not identify the buyers at the time. The company stated that disclosure was not required under German regulatory rules.
The transaction was finalized shortly before video platform Rumble, in which Tether holds close to a 50 percent stake, agreed to acquire Northern Data.
Northern Data divestment follows failed August deal
The Peak Mining sale marks the second attempt by Northern Data to divest the business to a Devasini-linked entity. In August, the company announced plans to sell the mining unit to Elektron Energy for $235 million. That deal collapsed following whistleblower allegations, according to earlier disclosures.
Northern Data is currently under investigation by European prosecutors over suspected tax fraud. Authorities reportedly raided the company’s offices in September as part of the probe.
The sale also adds to a growing web of financial ties between Northern Data, Tether, and Rumble. Northern Data has an outstanding loan of approximately 610 million euros, or about $715 million, from Tether. As part of Rumble’s acquisition of Northern Data, the stablecoin issuer is expected to receive half of the loan value in Rumble shares. The remaining balance will be refinanced through a new loan from Tether to Rumble, secured against Northern Data assets, the Financial Times reported.
Tether has also entered into a $100 million advertising agreement with Rumble and plans to purchase $150 million worth of GPU computing services from the platform as it expands beyond stablecoins into Bitcoin mining and artificial intelligence infrastructure.
The stablecoin issuer remains the dominant player in the sector, controlling roughly 60 percent of the global stablecoin market with about $187 billion worth of USDT in circulation.
Earlier this month, Tether made an unsuccessful $1.1 billion bid to acquire Italian football club Juventus, underscoring its broader push into non-crypto investments.
Read Also: Arthur Hayes says altcoin season never ended as traders missed key winners
