Northern Data has agreed to sell its Bitcoin mining subsidiary Peak Mining to a group of firms linked to senior executives at Tether in a transaction valued at up to $200 million, according to reporting citing corporate filings. The buyers include Highland Group Mining, Appalachian Energy, and a Canada based entity associated with Tether co founder Giancarlo Devasini and chief executive Paolo Ardoino. Filings show that Devasini and Ardoino serve as directors at Highland Group, while Devasini is listed as the sole director of the Alberta registered company. Northern Data disclosed plans to divest Peak Mining in November without naming buyers, as local disclosure rules did not require it. The sale adds another layer of complexity to Northern Data’s ownership and financing structure at a time when institutional interest in mining infrastructure remains closely tied to stablecoin liquidity and balance sheet strength.
The transaction took place shortly before video platform Rumble agreed to acquire Northern Data, a deal that further links the companies through overlapping financial exposure. Tether owns nearly half of Rumble, and the timing of the Peak Mining sale has drawn attention to the growing web of relationships between the firms. The ownership structure of Appalachian Energy remains opaque, adding to questions around governance and control. This was also the second attempt to transfer Peak Mining to an entity connected to Devasini, after a previously announced sale to Elektron Energy collapsed earlier this year following whistleblower allegations. Northern Data has since faced scrutiny from European authorities, including reported office raids linked to a tax investigation, increasing focus on transparency around its asset sales.
Beyond the mining divestment, Tether retains substantial financial exposure to Northern Data through a loan of approximately €610 million. As part of the Rumble acquisition, half of that balance is expected to be converted into Rumble shares, with the remainder refinanced through a new loan secured against Northern Data assets. The transaction underscores Tether’s expanding footprint beyond stablecoins into mining, media, and computing infrastructure. In parallel, the company has pursued additional partnerships with Rumble, including a large scale advertising agreement and plans to source significant GPU capacity as it builds out artificial intelligence and mining operations. While USDT remains Tether’s core product, these moves highlight a broader strategy that increasingly links stablecoin capital to physical and digital infrastructure across multiple sectors.
