Tether Execs Acquire Mining Firm from Tether-Backed Northern Data

Tether-backed Northern Data reportedly sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives. The sale was valued at up to $200 million and involved Highland Group Mining, Appalachian Energy, and an Alberta-based company led by Giancarlo Devasini, Tether co-founder and chair, and Paolo Ardoino, Tether's CEO.

Filings indicate that directors at Highland Group include Devasini and Ardoino, while Devasini is the sole director of the Alberta company; the management of Delaware-based Appalachian Energy remains unclear.

Northern Data initially announced the divestment in November but did not disclose the buyers due to regulatory requirements in Germany. This acquisition follows Northern Data's investigation by European prosecutors for suspected tax fraud and office raids in September.

The transaction occurred just before video-sharing platform Rumble, in which Tether holds nearly a 50% stake, agreed to acquire Northern Data. Tether's complex financial ties also include a $100 million advertising deal with Rumble and plans to purchase $150 million worth of GPU services from the platform as it expands into Bitcoin mining.

Additionally, Northern Data has a significant loan of 610 million euros, approximately $715 million, from Tether, with part of the repayment coming in Rumble stock and the remainder as a new loan secured against Northern Data assets.

Tether continues to dominate the stablecoin market with a 60% share and $187 billion in circulating supply of USDT, while also exploring investments in AI and sports teams, including a recent $1.1 billion bid for Juventus Football Club, which was rejected.