Tether executives take over Northern Data's Bitcoin mining business, with a total transaction value of up to 200 million dollars.

According to a report by the Financial Times, Northern Data, a data center operator supported by Tether, has sold its Bitcoin mining business, Peak Mining, to several companies closely related to Tether executives, with a total transaction value of up to approximately 200 million dollars. This news has sparked significant market attention on the business layout and related transaction structure of stablecoin giant Tether.

Reports indicate that the buyers of this acquisition include Highland Group Mining, Appalachian Energy, and a company registered in Alberta, Canada. Among them, the directors of Highland Group Mining are Tether co-founder and chairman Giancarlo Devasini and Tether CEO Paolo Ardoino; the sole director of the Alberta company is also Devasini. As for Appalachian Energy, located in Delaware, it is currently unclear who its specific operators are.

Northern Data announced the sale of Peak Mining back in November last year, but did not disclose the buyer's identity at the time because German regulators did not require public disclosure of related information. It is noteworthy that this transaction occurred before the video sharing platform Rumble agreed to acquire Northern Data, and nearly 50% of Rumble's shares are held by Tether.

Historically, this is the second time that Peak Mining has been acquired by a company controlled by Devasini. In August this year, Elektron Energy announced it would acquire the business for $235 million, but the deal ultimately fell through due to allegations raised by whistleblowers. Currently, Northern Data is also facing an investigation by European prosecutors regarding suspected tax fraud, and its office was searched in September.

In a broader capital relationship, the cooperation between Tether and Rumble is also noteworthy. The two parties have reached a $100 million advertising agreement, and Tether plans to purchase $150 million worth of GPU services from Rumble to expand its Bitcoin Mining and high-performance computing business. At the same time, Northern Data still holds a loan of approximately €610 million provided by Tether. According to reports, part of the loan will be settled in the form of Rumble stock, while the remainder will be completed with a new loan from Tether to Rumble, secured by Northern Data's assets.

From a strategic perspective, this transaction again highlights that Tether is expanding from a single stablecoin issuer into multiple fields such as Bitcoin Mining, artificial intelligence computing power, media platforms, and even the sports industry. Currently, Tether remains the largest stablecoin issuer in the world, with a circulation of approximately 187 billion USD and a market share of nearly 60%. The change of ownership of Northern Data's mining assets may become another key milestone for Tether to accelerate the construction of its “cryptocurrency infrastructure map.”