{"id":879851,"date":"2025-12-23T00:11:28","date_gmt":"2025-12-23T06:11:28","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/23\/tether-backed-northern-data-sold-mining-firm-to-tether-execs-ft\/"},"modified":"2025-12-23T00:11:28","modified_gmt":"2025-12-23T06:11:28","slug":"tether-backed-northern-data-sold-mining-firm-to-tether-execs-ft","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/23\/tether-backed-northern-data-sold-mining-firm-to-tether-execs-ft\/","title":{"rendered":"Tether-backed Northern Data sold mining firm to Tether execs: FT"},"content":{"rendered":"
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Northern Data, which is majority-owned by Tether, sold its Bitcoin mining arm to businesses owned by Tether executives, the Financial Times reports. <\/p>\n

\"Tether-backed<\/picture><\/div>\n
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The Tether-backed data centre operator Northern Data reportedly sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives.<\/p>\n

Northern Data was sold for up to $200 million to Highland Group Mining, Appalachian Energy, and an Alberta-based company, run by Giancarlo Devasini, Tether co-founder and chair, and its CEO, Paolo Ardoino, the Financial Times reported<\/a> on Friday.\u00a0<\/p>\n

Filings reportedly show that Highland Group\u2019s directors are Devasini and Ardoino, and the sole director of the Alberta company is Devasini, while it remains unclear who runs Delaware-based Appalachian Energy.<\/p>\n

Northern Data initially announced the Peak Mining divestment in November, but did not identify the buyers, as it was not required by German regulators.\u00a0<\/p>\n

The deal also happened just before video-sharing platform Rumble, in which Tether holds nearly a 50% stake, agreed to acquire<\/a> Northern Data.<\/p>\n

Tether\u2019s complex web of financial ties. Source: <\/em>The Financial Times<\/em><\/a>
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Web of complex financial ties\u00a0<\/h2>\n

It is also the second attempt to sell Peak Mining to a Devasini-controlled company. The first deal announced<\/a> in August was with Elektron Energy for $235 million, but it fell through amid whistleblower allegations.<\/p>\n

Northern Data faces investigation by European prosecutors for suspected tax fraud, and its offices were raided in September.\u00a0<\/p>\n

Related: <\/strong><\/em>Tether deepens AI bet, backs Italian firm\u2019s humanoid robots<\/strong><\/em><\/a><\/p>\n

Tether has also agreed on a $100 million advertising deal with Rumble and plans to buy $150 million worth of GPU services from it as it delves deeper into Bitcoin mining.\u00a0<\/p>\n

Northern Data also currently has a 610 million euro ($715 million) loan from Tether.<\/p>\n

The stablecoin issuer will receive half of the loan balance in Rumble stock as part of the acquisition, with the rest paid in the form of a new loan from Tether to Rumble, secured against Northern Data assets, the FT reported.<\/p>\n

Tether branching out from stablecoins<\/h2>\n

Tether remains the world\u2019s dominant player in the stablecoin sector with a 60% market share and $187 billion in circulating supply of USDT.<\/p>\n