Northern Data, a Germany-based data center operator backed by stablecoin issuer Tether, has sold its Bitcoin mining business to companies controlled by senior Tether executives, according to a report by the Financial Times. The transaction deepens the financial and operational ties between Northern Data and Tether as the stablecoin firm expands beyond its core payments business.

The sale involves Peak Mining, Northern Data’s Bitcoin mining arm, which was transferred to three entities connected to Tether leadership. The buyers include Highland Group Mining, Appalachian Energy, and an Alberta-

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based company associated with Tether co-founder and chairman Giancarlo Devasini and Tether chief executive Paolo Ardoino. The total value of the transaction was reported to be as high as $200 million.

Corporate filings reviewed by the Financial Times indicate that Highland Group Mining lists Devasini and Ardoino as directors, while the Alberta-based company is solely directed by Devasini. The ownership and management structure of Appalachian Energy, registered in Delaware, remains unclear.

Northern Data publicly disclosed plans to divest Peak Mining in November but did not identify the buyers at the time. Under German regulatory rules, the company was not required to disclose details of the transaction, allowing the identities of the purchasing entities to remain undisclosed until now.

The deal follows a previously unsuccessful attempt to sell the mining unit earlier this year. In August, Northern Data announced an agreement to sell Peak Mining to Elektron Energy for approximately $235 million. That transaction later collapsed amid whistleblower allegations related to the buyer.

Tether’s complex web of financial ties. Source: The Financial Times

The divestment also comes at a sensitive moment for Northern Data. The company is reportedly under investigation by European prosecutors over suspected tax irregularities, and its offices were raided by authorities in September. Northern Data has not publicly commented on the status of the investigation.

The sale of Peak Mining occurred shortly before video-sharing platform Rumble announced plans to acquire Northern Data. Tether holds close to a 50% stake in Rumble, adding another layer to the network of financial relationships between the companies. As part of that transaction, Tether has agreed to receive half of the outstanding balance of a €610 million loan it previously extended to Northern Data in the form of Rumble shares.

The remainder of the loan is expected to be refinanced through a new facility provided by Tether to Rumble, secured against Northern Data’s assets, according to the Financial Times.

Tether’s involvement with Northern Data extends beyond equity and lending arrangements. The stablecoin issuer has committed to a $100 million advertising agreement with Rumble and plans to purchase up to $150

million worth of graphics processing unit services from the platform as it expands into artificial intelligence and high-performance computing.

The transaction highlights Tether’s growing diversification strategy. While the company remains the dominant issuer of dollar-pegged stablecoins, with a majority share of the global market, it has increasingly invested in infrastructure, energy, artificial intelligence, and Bitcoin mining-related businesses.

Beyond technology and digital assets, Tether has also explored investments in traditional sectors. Earlier this month, the company submitted a €1.1 billion bid to acquire Italy’s Juventus Football Club, though the offer was ultimately rejected by the club’s owners.

Northern Data and Tether did not immediately respond to requests for comment on the transaction.

(Reporting by TheTokenPress)