Northern Data Transfers Peak Mining to Companies Run by Tether Leaders

TLDR

Table of Contents

Northern Data sold Peak Mining to companies controlled by Tether executives.
The sale is valued at up to $200 million, following an earlier failed deal.
Northern Data currently holds a 610 million euro loan from Tether.
Tether receives half of the loan in Rumble stock as part of acquisitions.

Northern Data, a data center operator majority-owned by Tether, has sold its Bitcoin mining business, Peak Mining, to companies controlled by Tether executives. The deal, reported by the Financial Times, is valued at up to $200 million and involves Highland Group Mining, Appalachian Energy, and an Alberta-based firm run by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. The transaction follows regulatory and corporate developments in Tether’s expanding ecosystem.

Sale of Peak Mining to Tether-Controlled Firms

Northern Data announced the sale of Peak Mining in November, though it initially did not identify the buyers. The Financial Times reported that the buyers are companies operated by Tether executives, including Devasini and Ardoino. Highland Group’s directors are listed as Devasini and Ardoino, while the Alberta-based company is directed solely by Devasini. It remains unclear who controls Delaware-based Appalachian Energy.

A new report reveals that Northern Data quietly sold its Bitcoin mining arm, Peak Mining, for $200M to companies controlled by Tether’s own CEO Paolo Ardoino and Chairman Giancarlo Devasini.
The "related-party" nature of the deal was only uncovered through recent filings.… pic.twitter.com/oexP8ZEcOq
— Conor Kenny (@conorfkenny) December 22, 2025

The sale is valued at up to $200 million, less than the initial August offer of $235 million from Elektron Energy. That previous deal fell through amid whistleblower allegations, marking this as the second attempt to transfer Peak Mining. Northern Data’s divestment occurs shortly before Rumble, in which Tether holds nearly a 50% stake, agreed to acquire Northern Data. The transaction demonstrates the complex financial connections between Tether, Northern Data, and affiliated companies.

Northern Data Under Investigation and Financial Moves

Northern Data is currently facing an investigation by European prosecutors for suspected tax fraud. Authorities raided the company’s offices in September as part of the ongoing inquiry.
Tether has provided Northern Data with a 610 million euro loan, approximately $715 million, strengthening ties between the two entities. As part of the Rumble acquisition, Tether will receive half of the loan balance in Rumble stock, with the remainder converted to a new loan secured against Northern Data assets.

The stablecoin issuer is also involved in additional agreements, including a $100 million advertising deal with Rumble. Tether’s participation in Bitcoin mining, AI, and video-sharing platforms signals a diversification beyond its core stablecoin business. The company continues to explore new ventures, including sports team acquisitions and technology investments.

Tether’s Expanding Business Interests

Tether remains the world’s leading stablecoin issuer, controlling 60% of the market and $187 billion in USDT supply. The company’s interests now extend to AI technologies, Bitcoin mining, and video-sharing platforms such as Rumble. In December, Tether launched a $1.1 billion bid to acquire Italian soccer club Juventus, though the offer was rejected by the club’s owners.

These moves show Tether actively branching out from stablecoins into multiple sectors.
Executives Giancarlo Devasini and Paolo Ardoino continue to play key roles in both corporate strategy and operational management.

The sale of Peak Mining to Tether-affiliated firms consolidates the company’s control over mining operations and related investments. Industry observers note that such interconnections strengthen the ties between Tether, Northern Data, and emerging technology ventures.

Strategic Financial Coordination

The Peak Mining sale demonstrates coordinated financial planning between Northern Data and Tether executives. The acquisition of mining assets aligns with Tether’s broader strategy to integrate its technology and media holdings.

The transaction also reflects ongoing efforts to consolidate cryptocurrency mining operations under management with aligned corporate oversight. With regulatory scrutiny and complex corporate structures, Northern Data and Tether are navigating expansion while maintaining operational control.

The sale is part of a larger pattern of financial and strategic initiatives that Tether is pursuing across multiple sectors. Executives continue to oversee investments in cryptocurrency mining, digital media, and emerging technologies. The company is expected to maintain a central role in the evolving crypto ecosystem through these coordinated moves.