Northern Data Offloads Peak Mining to Tether-Linked Firms in $200M Deal

German AI and data center firm **Northern Data AG**, majority-owned by stablecoin issuer Tether, sold its Bitcoin mining subsidiary **Peak Mining** in November 2025 for up to $200 million. U.S. and Canadian filings revealed buyers as companies controlled by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino: Highland Group Mining Inc., Appalachian Energy LLC, and 2750418 Alberta ULC.

Northern Data announced the divestment without naming buyers, permitted under its secondary German exchange listing that skips related-party disclosures. The transaction, a related-party deal, followed a failed August attempt to sell to another Devasini-linked entity for $235 million.

The sale occurred just before Tether-backed video platform Rumble (nearly 50% Tether-owned) agreed to acquire Northern Data in a ~$767 million deal, simplifying the company’s structure for its AI/HPC pivot. Tether holds a €610 million loan to Northern Data, partially converting to Rumble stock.

Analysts note the move consolidates Tether’s Bitcoin mining ambitions—aiming to be the world’s largest miner—while raising governance and transparency questions amid Northern Data’s ongoing European tax fraud probe.