Northern Data has reportedly sold its Bitcoin mining arm, Peak Mining, to a group of companies linked to senior executives at stablecoin giant Tether, in a deal valued at up to $200 million.
According to the Financial Times, the buyers include Highland Group Mining, Appalachian Energy, and a Canada-based company tied to Tether co-founder and chairman Giancarlo Devasini and CEO Paolo Ardoino. Corporate records show both Devasini and Ardoino sit on Highland Group’s board, while Devasini is listed as the sole director of the Alberta-based firm.
The sale comes at a pivotal moment for Northern Data. The company first revealed plans to offload Peak Mining back in November but did not disclose who the buyers were, citing German disclosure rules. The transaction was completed shortly before video platform Rumble—a company in which Tether owns nearly 50%—agreed to acquire Northern Data, adding another layer to what the FT described as an increasingly tangled set of financial relationships.
Details around Appalachian Energy, which is registered in Delaware, remain murky, with little clarity around its ownership or management structure.
This is also the second attempt to sell Peak Mining to an entity linked to Devasini. A previous deal announced in August with Elektron Energy, valued at $235 million, fell apart after whistleblower allegations surfaced.
Northern Data has faced growing scrutiny in recent months. European prosecutors are reportedly investigating the company over suspected tax fraud, and its offices were raided in September.
Even after the mining sale, Tether’s exposure to Northern Data remains substantial. The stablecoin issuer is currently owed €610 million (about $715 million) under an existing loan. As part of Rumble’s acquisition, half of that loan is expected to be repaid in Rumble shares, while the remaining balance will be rolled into a new Tether loan to Rumble, backed by Northern Data’s assets.
Tether has been steadily deepening its ties with Rumble beyond the acquisition. The companies recently signed a $100 million advertising deal, and Tether plans to purchase $150 million in GPU services as it expands into Bitcoin mining and AI infrastructure.
Rumble, which has around 51 million monthly users, is also preparing to roll out Bitcoin tipping, working with MoonPay on in-app crypto wallets. The platform adopted a Bitcoin treasury strategy in March and currently holds 211 BTC, worth roughly $22.3 million.
While USDT remains Tether’s core business—commanding around 60% of the stablecoin market with $187 billion in circulation—the company has been pushing into new areas. Alongside mining, AI, and media, Tether has also explored sports investments, including a $1.1 billion bid for Italy’s Juventus football club, an offer that was ultimately turned down.
