Tether-backed Northern Data sold mining firm to execs

Northern Data has sold its Bitcoin mining business, Peak Mining, to companies linked to senior executives at Tether, according to a report by the Financial Times.

The data centre operator, which is majority owned by Tether, agreed to sell the unit for up to $200 million, the report said.

The buyers were identified as Highland Group Mining, Appalachian Energy and an Alberta-based company.

The companies are reportedly controlled by Tether co-founder and chair Giancarlo Devasini and chief executive Paolo Ardoino.

Financial filings cited by the report show Devasini and Ardoino listed as directors of Highland Group Mining.

The Alberta-based company involved in the transaction is also said to be directed solely by Devasini.

The ownership structure of Delaware-based Appalachian Energy has not been fully disclosed.

Northern Data announced the divestment of Peak Mining in November but did not name the buyers at the time.

German disclosure rules did not require the company to identify counterparties in the transaction.

The sale was completed shortly before video platform Rumble agreed to acquire Northern Data.

Tether holds nearly a 50% stake in Rumble, according to previous disclosures.