Northern Data Sells Peak Mining to Tether-Linked Firms in Deal Worth Up to $200 Million
Northern Data has sold its Peak Mining Bitcoin mining subsidiary to a group of Tether-linked firms for up to $200 million. The buyers include Highland Group Mining, Appalachian Energy, and an Alberta-based company connected to Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. Devasini and Ardoino are listed as directors of Highland Group, with Devasini as the sole director of the Alberta entity.
This sale took place just before Rumble, in which Tether owns nearly a 50% stake, agreed to acquire Northern Data. Tether's exposure to Northern Data includes a €610 million loan. As part of the Rumble acquisition, Tether will receive half of that loan balance in Rumble shares, while the remainder will be refinanced via a new Tether loan to Rumble secured against Northern Data assets.
This deal marks the second attempt to transfer Peak Mining to a Devasini-controlled entity; a previous August deal with Elektron Energy valued at $235 million collapsed following whistleblower allegations. Northern Data has also faced scrutiny from European prosecutors over suspected tax fraud, with offices raided in September.
In addition to these developments, Tether has expanded its ties to Rumble with a $100 million advertising deal and plans to purchase $150 million in GPU services for mining and AI infrastructure. Rumble is pursuing Bitcoin tipping for its users, with MoonPay involved in in-app wallets and holding a Bitcoin treasury of 211 BTC (approximately $22.3 million).
