Northern Data Sells Peak Mining to Tether-Linked Firms in Deal Worth Up to $200M

Northern Data has reportedly sold its Bitcoin mining subsidiary, Peak Mining, to a group of companies linked to senior executives at stablecoin issuer Tether, in a deal valued at up to $200 million.

According to a report by the Financial Times, the buyers include Highland Group Mining, Appalachian Energy, and an Alberta-based company connected to Tether co-founder and chairman Giancarlo Devasini and CEO Paolo Ardoino.

Corporate filings cited in the report show that Devasini and Ardoino serve as directors of Highland Group, while Devasini is listed as the sole director of the Alberta entity.

Northern Data Sold Peak Mining Ahead of Rumble Deal

Northern Data first disclosed plans to divest Peak Mining in November but did not name the buyers at the time, as German disclosure rules did not require it.

The transaction took place shortly before video-sharing platform Rumble, in which Tether owns nearly a 50% stake, agreed to acquire Northern Data, adding another layer to what the FT described as a complex web of financial ties.

The ownership and management structure of Delaware-based Appalachian Energy remains unclear.

The Peak Mining sale marks the second attempt to transfer the business to a Devasini-controlled entity.

An earlier deal announced in August with Elektron Energy, valued at $235 million, collapsed following whistleblower allegations.

Northern Data has since come under scrutiny from European prosecutors over suspected tax fraud, with company offices reportedly raided in September.

Beyond the mining sale, Tether’s financial exposure to Northern Data remains significant. The company currently carries a €610 million ($715 million) loan from the stablecoin issuer.

As part of Rumble’s acquisition of Northern Data, Tether is set to receive half of that loan balance in Rumble shares, while the remainder will be refinanced through a new Tether loan to Rumble, secured against Northern Data assets.

Tether Expands Rumble Ties with $100M Ad Deal

Tether has also deepened its relationship with Rumble through a $100 million advertising agreement and plans to purchase $150 million worth of GPU services as it expands further into Bitcoin mining and artificial intelligence infrastructure.

As reported, Rumble was preparing Bitcoin tipping for its 51 million monthly users, targeting an early to mid-December rollout after user experience refinements and final bug fixes.

The company is working with MoonPay on in-app crypto wallets and adopted a Bitcoin treasury approach in March, holding 211 BTC worth roughly $22.3 million.

While USDT remains Tether’s core business, with roughly 60% market share and $187 billion in circulation, the company has increasingly branched out into new sectors.

Alongside mining, AI, and media platforms, Tether has explored sports investments, including a $1.1 billion bid for Italy’s Juventus Football Club in December, which was ultimately rejected.