Tether Set to Dominate as Rumble’s Top Shareholder After Northern Data Power Move
Tether's latest play? Snagging the crown as Rumble's largest shareholder—because nothing says 'stable' like a crypto giant gobbling up cloud infrastructure.
The deal, part of Northern Data's acquisition spree, cements USDT's parent company as a heavyweight in data infrastructure. Who needs regulators when you've got market-moving capital?
Behind the scenes: This isn't just about video hosting. Rumble's ties to AI and decentralized tech make it a chess piece in crypto's cold war against Big Tech.
One financier's take: 'Because what the world needs is more concentrated power—just wrapped in blockchain buzzwords this time.'
Rumble excludes bitcoin mining unit from acquisition
The proposed agreement would not include Northern Data’s bitcoin mining subsidiary, Peak Mining. Northern Data said a preliminary deal has been signed to sell the unit to Elektron Energy for up to $235 million. This includes $175 million upfront, with proceeds to go toward paying down a Tether loan, while a restructured portion of the debt would remain. Rumble would not assume responsibility for this loan.
Despite Peak Mining being left out, Rumble has been adding bitcoin to its own reserves. The company currently holds 210.8 BTC, worth about $25.6 million at current prices.
If completed, Rumble would take on Northern Data’s Ardent data centers and Taiga GPU-as-a-service unit, which together have over 20,000 Nvidia graphics processors and extensive hosting capacity. The plan aims to boost Rumble’s infrastructure to nearly 850 megawatts of active capacity, with major sites including a planned 180 MW facility in Maysville, Georgia.
The transaction is targeted for the second half of 2025 but will require due diligence, final terms, board approval, and regulatory clearance in both the U.S. and Germany. Rumble stressed no final decision has been made, and there is no certainty the offer will proceed or secure all necessary backing.
Alongside the potential acquisition news, Rumble released its second-quarter results. The company posted a net loss of $30.2 million, or 12 cents per share, compared to a $26.8 million loss, or 13 cents per share, in the same quarter last year. Analysts surveyed by FactSet had expected a smaller loss of 7 cents per share.
Revenue ROSE 12% to $25.1 million but fell short of the $26.8 million forecast. The firm’s global monthly active users averaged 51 million, down from 59 million in the prior quarter. Rumble attributed the drop to reduced political and news content activity outside of an election year in the United States.
Average revenue per user rose 24% from the previous quarter to 42 cents, driven by higher subscription and licensing income.
Northern Data’s shares were down 9% in Monday trading to €20.94 ($24.38) after closing at €23.02 last week.
Both companies said discussions are ongoing and emphasized there is no guarantee a formal offer will follow.
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