Tether Executives Buy Northern Data’s Peak Mining for Up to $200M as Rumble Deal Restructures Loans

Northern Data, majority-owned by Tether, has sold its Bitcoin mining arm Peak Mining to three buyer firms controlled by Tether executives — including entities linked to co-founder Giancarlo Devasini and CEO Paolo Ardoino — in a deal worth up to $200 million. Filings name Devasini and Ardoino as directors of the purchaser entities. The divestment follows an earlier failed $235 million sale tied to Devasini amid whistleblower allegations. Northern Data is also the subject of an EU tax-fraud probe and had offices raided in September; it denies wrongdoing and says it is cooperating. Separately, Rumble agreed to acquire Northern Data for roughly €700–800 million; as part of the transactions around that planned acquisition, a €610 million loan from Tether to Northern Data will be restructured: half will convert into Rumble shares and the remainder will be replaced by a new Tether loan secured against Northern Data assets. The moves fit a broader Tether strategy to expand beyond stablecoins into Bitcoin mining, AI infrastructure and media — Tether holds nearly 50% of Rumble, has a reported $100 million ad deal with Rumble and plans roughly $150 million in GPU purchases. Market implications for traders: the Peak Mining sale transfers mining capacity into entities controlled by Tether insiders and signals continued consolidation of crypto infrastructure and media investments under Tether-linked ownership. This may affect ownership concentration of Bitcoin mining capacity and counterparty risk for entities tied to Tether; it is not an immediate direct price driver for BTC but raises governance and regulatory risk considerations traders should watch.