Northern Data sells its Bitcoin mining business, regulatory documents reveal that the buyer is held by Tether executives.

The Financial Times reported that Northern Data, a German-listed company and operator of AI and data centers, announced last November that it had sold its Bitcoin mining division, Peak Mining. Recently, the identity of the buyer was revealed to be a company in the British Virgin Islands affiliated with Tether executives. This indicates that the transaction is essentially controlled by a company that manages Tether, transferring its Bitcoin mining business to a company held by Tether executives. The announcement of this transaction came before Rumble's acquisition of Northern Data, and Tether is also a major shareholder of Rumble.

A German-listed computing power company sells its Bitcoin mining business, with the buyer being a Tether executive.

The German publicly listed company and AI and data center operator Northern Data announced last November that it had sold its Bitcoin mining division Peak Mining for an amount of 200 million USD. Subsequently, U.S. regulatory filing documents revealed that the buyers of the asset included Highland Group Mining Inc, Appalachian Energy LLC, and 2750418 Alberta ULC.

Further examination of the British Virgin Islands (BVI) and Canadian company documents shows that the directors of Highland Group are none other than Tether co-founder and chairman Giancarlo Devasini, as well as Tether CEO Paolo Ardoino; the sole director of the Canadian company 2750418 Alberta ULC is also Devasini. As for Appalachian Energy, established in Delaware, USA, its actual operators have yet to be disclosed.

A subsidiary of Tether, the investment relationships are intricate and complex.

Tether is a major shareholder of Northern Data, with Tether, the CEO of Northern Data's related companies, and another shareholder collectively holding approximately 72% of the company's shares, currently valued at about €885 million. This means that this transaction is essentially controlled by a company owned by Tether, which is transferring its Bitcoin mining business to a company held by Tether's executives.

It is worth noting that a few days before the announcement of the Peak Mining sale, the American conservative video and social media platform Rumble announced that it would acquire Northern Data for approximately $767 million. Tether currently holds about 48% of Rumble's equity and is also a key financial backer behind the deal.

(Rumble acquired 767 million dollars worth of the mining company Northern Data, with Tether being the largest backer behind it)

This article about Northern Data selling its Bitcoin mining business, with regulatory documents revealing that the buyer is a senior executive at Tether, first appeared in Chain News ABMedia.