Tether Executives Acquire Northern Data’s Bitcoin Mining Operation in $200M Power Move

Tether insiders just placed a massive bet on Bitcoin's backbone—and it's not with stablecoins.

The Deal That's Shaking Up Mining

A group of executives linked to the world's largest stablecoin issuer has snapped up Northern Data's Bitcoin mining business. The price tag? A cool $200 million. This isn't just an investment; it's a strategic pivot into the physical infrastructure that secures the entire crypto ecosystem.

Why This Matters Beyond the Headline

The move signals a deeper conviction in Bitcoin's long-term value proposition from players who understand digital money better than most. While Wall Street analysts debate ETFs and price predictions, these insiders are buying the picks and shovels. It's a classic play—control the means of production.

The acquisition pours capital directly into the energy-intensive, hardware-driven world of mining at a time when industry consolidation is heating up. It's a vote of confidence in Bitcoin's proof-of-work model, even as other chains explore less demanding alternatives.

The Bigger Picture

Look past the dollar figure. This deal represents a vertical integration strategy from a key player in crypto finance. Tether's executives aren't just betting on digital gold; they're securing a stake in the refinery. In a sector obsessed with speculative tokens, this is a refreshingly tangible—and cynical—reminder that real money often gets made in the boring, capital-intensive stuff the rest of finance overlooks.

TLDR

• Northern Data sold Peak Mining to Tether executives for up to $200 million.
• The deal occurred just before Rumble’s acquisition of Northern Data.
• Tether also provided Northern Data with a €610 million loan.
• Northern Data faces an investigation for suspected tax fraud.

Northern Data, a data center operator majority-owned by Tether, has sold its Bitcoin mining division, Peak Mining, to companies owned by Tether executives. The deal, reportedly valued at up to $200 million, was finalized amid ongoing investigations into Northern Data’s financial practices. This divestment marks a key event in Tether’s expanding involvement in various sectors beyond stablecoin operations.

Deal Involving Tether Executives

The sale of Peak Mining was made to three companies controlled by Tether executives, including Giancarlo Devasini, Tether’s co-founder and chair, and Paolo Ardoino, its CEO. The three entities involved in the purchase are Highland Group Mining, Appalachian Energy, and an Alberta-based company. Filings show that both Devasini and Ardoino are listed as directors of Highland Group, and Devasini is also the sole director of the Alberta company.

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 transaction was first announced in November 2025, although the identities of the buyers were not disclosed initially due to regulatory requirements in Germany. It is worth noting that this sale is the second attempt by Northern Data to divest its mining division. A previous agreement to sell Peak Mining to Elektron Energy for $235 million was scrapped following whistleblower allegations.

Financial Context and Tether’s Influence

Northern Data has DEEP financial ties with Tether, including a substantial loan. The company currently owes Tether a €610 million ($715 million) loan, which will be partially settled through stock and new loan arrangements. Half of the loan will be settled in Rumble stock, as part of Northern Data’s agreement to be acquired by the video-sharing platform, in which Tether holds a significant stake. The remaining balance will be covered by a new loan from Tether to Rumble, secured by Northern Data’s assets.

The sale of Peak Mining and the loan restructuring indicate a broader strategy by Tether to strengthen its position in various markets. Aside from stablecoins, Tether has shown growing interest in sectors like artificial intelligence, Bitcoin mining, and video-sharing platforms.

Legal Challenges and Investigations

Northern Data is currently under investigation by European prosecutors for suspected tax fraud. The company’s offices were raided in September as part of the ongoing probe. The timing of this divestment has raised questions, as it comes amid these legal challenges and shortly before Rumble’s acquisition of Northern Data. However, it remains unclear how these legal matters will impact Tether’s broader strategy or its involvement in Northern Data’s affairs.

In addition to its growing stake in Rumble, Tether is also exploring other investments in the sports and tech industries. For instance, the stablecoin issuer recently launched a $1.1 billion bid to acquire Juventus Football Club, though the offer was rejected by the club’s owners.

Tether’s Expanding Influence

Tether’s investments are broadening beyond its Core business of stablecoins. The company’s recent ventures into Bitcoin mining, video-sharing platforms, and even sports are part of a larger strategy to diversify its holdings. Tether’s control over Northern Data and the ongoing acquisitions reflect its growing influence in various industries, signaling its interest in long-term strategic investments.

Tether remains the world’s leading issuer of stablecoins, maintaining a 60% market share of the stablecoin market. With its continued push into sectors like artificial intelligence and mining, Tether is positioning itself as a significant player in the global tech and finance space.