Tether-Backed Rumble Eyes Blockbuster $1B+ Takeover of Northern Data in Power Play

Crypto's quiet kingmaker makes its move.

Tether—the stablecoin giant that prints money harder than the Fed—just backed an audacious billion-dollar bid. Its pet project Rumble is gunning for Northern Data, the German cloud and Bitcoin mining heavyweight. This isn't just acquisition chess—it's a full-scale invasion of traditional infra by crypto's shadow capital.

The playbook? Same as always.

Step 1: Print USDT. Step 2: Buy hard assets. Step 3: Repeat until legacy finance chokes on the irony. Northern Data's shareholders better dust off their moonbags—when Tether's warchest opens, price targets tend to get... elastic.

One hedge fund manager we spoke to put it best: 'They'll overpay in stablecoins, underdeliver on synergies, and still somehow make bank when Bitcoin pumps.' The new rules of M&A, written in tethers.

TLDR

• Rumble has announced an all-stock offer to acquire all shares of Northern Data.
• Tether is supporting the acquisition and is already Northern Data’s largest shareholder.
• Northern Data shareholders will receive 2.319 newly issued Rumble Class A shares for each share held.
• The deal values Northern Data at $1.17 billion based on Rumble’s recent share price.
• Tether invested $775 million in Rumble in 2024 to strengthen collaboration between the companies.

Rumble announced plans to acquire all shares of Northern Data in an all-stock deal with support from Tether. The proposal WOULD give both companies full control of the artificial intelligence infrastructure firm. Under the offer terms, Northern Data shareholders would receive newly issued Rumble Class A shares.

The transaction builds on Northern Data’s AI and high-performance computing operations. Tether, the largest shareholder of Northern Data, would back the deal and provide further financial support. Rumble valued Northern Data at about $1.17 billion based on Friday’s share price.

Following completion, Tether is expected to hold the largest stake in Rumble’s Class A common stock. The agreement remains subject to adjustments related to Northern Data’s planned mining unit sale. The companies aim to finalize the offer in line with these terms.

Tether’s Strategic Role in the Deal

Tether invested $775 million in Rumble in late 2024, strengthening ties between the firms. In May, Rumble launched a Bitcoin and stablecoin wallet supporting USDT. The move aligned with Tether’s interest in peer-to-peer communications and data storage solutions.

Tether also provided Northern Data with €575 million ($610 million) in debt financing in 2023. The new agreement would amend this loan to offer additional flexibility. “The amended facility will give sufficient financial headway for the acquired business,” the announcement stated.

Through this acquisition, Tether seeks deeper integration across its portfolio companies. The firm positions itself as a central LINK between Northern Data and Rumble. It intends to leverage Northern Data’s AI and HPC capabilities for broader applications.

Northern Data’s Operational Focus

Northern Data operates through Taiga Cloud, Ardent Data Center, and Peak Mining divisions. Taiga Cloud offers GPU-based cloud services, while Ardent provides critical infrastructure. Peak Mining runs bitcoin mining operations.

The company plans to sell Peak Mining to concentrate on AI and HPC growth. Proceeds will be reinvested in these sectors. This shift aligns with the proposed acquisition strategy.

Northern Data’s shareholders would receive 2.319 Rumble shares for each of their holdings. The offer values each Northern Data share at $18.27. Ownership of Rumble would shift, with Northern Data investors holding about 33.3%.