Tether-Linked Buyers Seal Massive $200M Peak Mining Acquisition
Tether's shadow just got longer. A group of buyers connected to the stablecoin giant has finalized a blockbuster $200 million deal for Peak Mining, signaling a major power play in crypto's physical infrastructure.
Buying the Picks and Shovels
Forget trading tokens—the real money might be in owning the hardware. This move isn't about speculation; it's about securing the foundational layer of proof-of-work networks. By acquiring a major mining operation, Tether-aligned capital is vertically integrating, controlling more of the chain from energy to settlement.
The $200M Bet on Bitcoin's Backbone
The sheer scale of the deal—$200 million—speaks volumes. It's a massive, tangible bet on Bitcoin's long-term resilience and the enduring value of hashrate. In a climate where traditional finance still scoffs at crypto, this is capital voting with its wallet, bypassing Wall Street skepticism entirely to build the future's financial rails.
One cynical take? It's the ultimate hedge. While bankers debate ETF flows, Tether's ecosystem is quietly buying the literal engines that keep the ledger running—proving once again that in crypto, the smart money often builds what the rest won't even acknowledge.
Tether executives sell Peak Mining to companies they run
Back in August, Northern Data said it had a “nonbinding agreement” to sell Peak Mining to Elektron Energy, described as a privately held bitcoin miner. Guess who runs Elektron? Yep, Devasini again.
That deal was priced higher, at $235 million, but never closed. Now, just months later, Peak Mining’s been offloaded to another set of firms under the same internal network.
By the way, in September, prosecutors in Europe raided Northern’s offices in Germany and Sweden over allegations of tax fraud.
Authorities are probing whether the company committed “large-scale VAT fraud,” possibly dodging over €100 million in taxes. Northern Data responded by blaming a “misunderstanding of tax treatment” related to its GPU cloud services and older crypto mining structures.
“We believe we are in full compliance with international tax standards and have been co-operating with European authorities,” the crypto miner said at the time.
Northern Data is listed on a regulated but unofficial German market, which means it’s required to report some company updates but doesn’t have to disclose related-party transactions like this one. So while the Peak Mining sale is legal, no one had to spell out that Tether execs were on both sides of the deal.
Tether expands Rumble ties as Northern Data deal grows
Meanwhile, this asset sale came just days before Tether-backed Rumble announced it WOULD buy Northern Data in a $767 million deal. Tether already owns 48% of Rumble, the conservative video platform that also hosts President Donald Trump’s social media network.
Once Rumble’s Northern Data purchase is completed, Tether plans to buy $150 million worth of GPU services from Rumble and has already signed a $100 million advertising deal with them.
The financial web doesn’t stop there. Tether also loaned €610 million to Northern Data. Once Rumble finalizes its acquisition, half of that debt will be repaid in Rumble stock. The other half? It turns into a new loan from Tether to Rumble, secured against Northern Data’s assets.
Northern Data’s biggest shareholders are Tether, its CEO, and another unnamed investor. Together, they control 72% of the company, which is valued at roughly €885 million.
The second-largest shareholder is Christian Angermayer, known for investing in biotech and “steroid Olympics” projects. He recently moved from the UK to Lugano, the crypto-friendly Swiss city where Devasini and Ardoino also live.
Devasini, who used to be a plastic surgeon and ran a food delivery business, is still Tether’s most powerful decision-maker, while Ardoino acts as the public face of the company. Together, they’re steering Tether’s money into mining, AI, social media, and back into their own ventures.
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