Northern Data, a Tether-backed data center operator, reportedly sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives.
The transaction, valued at up to $200 million, involved Highland Group Mining, Appalachian Energy, and an Alberta-based firm.
Highland Group’s directors are Giancarlo Devasini and Paolo Ardoino, while Devasini solely directs the Alberta company.
It is unclear who controls Delaware-based Appalachian Energy.
Northern Data initially announced the divestment in November but did not identify buyers due to German regulatory rules.
The sale coincided with Rumble, a video-sharing platform where Tether holds nearly a 50% stake, preparing to acquire Northern Data.
Complex Web of Financial Ties
This marks Northern Data’s second attempt to sell Peak Mining to a Devasini-controlled entity.
An earlier August deal with Elektron Energy for $235 million fell through amid whistleblower allegations.
Northern Data is also under investigation by European prosecutors for suspected tax fraud, and its offices were raided in September.
Tether has a history of financial engagements with Northern Data.
It agreed on a $100 million advertising deal with Rumble and plans to purchase $150 million worth of GPU services as part of its expansion into Bitcoin mining.
Northern Data currently holds a 610 million euro loan from Tether.
Half of this loan will be converted into Rumble stock, with the remainder forming a new loan secured against Northern Data assets.
Tether Expands Beyond Stablecoins
Tether remains the world leader in stablecoins, controlling a 60% market share with $187 billion in USDT circulation.
The company is expanding into Bitcoin mining, AI, and video platforms, as well as exploring sports investments.
On December 12, Tether launched a $1.1 billion bid to acquire Juventus Football Club, which was ultimately rejected.
