- Peak Mining was sold to Tether-controlled entities Giancarlo Devasini and Paolo Ardoino.
- Sale followed an earlier failed deal and reshaped Northern Data’s mining ownership structure.
- The transaction paved the way for Rumble’s $767M acquisition and linked Tether’s investments.
Northern Data, a German AI data center firm tied to Tether, sold its Bitcoin mining arm, Peak Mining, in November. The $200 million deal involved buyers controlled by Tether leaders Giancarlo Devasini and Paolo Ardoino. The sale occurred in Europe and North America, days before Tether-backed Rumble announced a $767 million plan to acquire Northern Data.
The transaction reshaped Northern Data’s asset base and clarified ownership around its former mining operations. Notably, the buyers emerged through later U.S. regulatory filings rather than the initial announcement. As a result, attention shifted toward how the sale was linked directly to Tether’s senior leadership.
Peak Mining Sale and the Buyers Behind the Deal
Northern Data disclosed in November that it sold Peak Mining for “up to $200 million.” However, the company did not initially identify the buyers. Later U.S. filings named Highland Group Mining, Appalachian Energy LLC, and 2750418 Alberta ULC.
Corporate records connect all three entities to Tether leadership. Notably, British Virgin Islands filings list Devasini and Ardoino as directors of Highland Group Mining. Meanwhile, Canadian documents show Devasini as the sole director of 2750418 Alberta ULC.
Appalachian Energy LLC adds another layer of opacity. The company is registered in Delaware, yet it has not publicly listed directors. However, filings still tie the firm to the same internal network behind Tether.
This structure followed a previously failed attempt to sell Peak Mining. In August, Northern Data announced a nonbinding agreement with Elektron Energy. The proposed price reached $235 million. However, the deal never closed.
Elektron Energy’s director was also Devasini, according to British Virgin Islands records. Consequently, the finalized November sale transferred Peak Mining to a different set of companies under the same leadership group. This shift sets the stage for broader changes around Northern Data.
Regulatory Context and Northern Data Ownership
The Peak Mining sale occurred during increased regulatory scrutiny. In September, European prosecutors raided Northern Data offices in Germany and Sweden. Authorities are investigating suspected large-scale VAT fraud.
Officials estimate potential unpaid taxes could exceed €100 million. However, Northern Data denied wrongdoing. The company said the case involved a misunderstanding of tax treatment related to GPU cloud services and legacy mining structures.
Northern Data operates on a regulated but unofficial German market. That status requires certain disclosures but does not mandate reporting related-party transactions. As a result, the Peak Mining sale remained legal without detailing shared control on both sides.
Ownership concentration further defines the company’s position. Tether, Northern Data’s chief executive, and another shareholder together control 72% of the firm. The company’s market value stands at €885 million.
Another major shareholder is investor Christian Angermayer. He recently relocated from the United Kingdom to Lugano, Switzerland. Notably, Devasini and Ardoino also reside in Lugano, which has become a hub for crypto-linked firms.
Related: Tether Submits Proposal to Acquire Juventus Football Club
Rumble Acquisition Follows Mining Divestment
The Peak Mining sale preceded a larger corporate move. Days later, Rumble announced plans to acquire Northern Data for roughly $767 million. Tether holds a 48% stake in Rumble.
Alongside the acquisition, Tether outlined additional commercial arrangements. Notably, it agreed to purchase $150 million in GPU services from Rumble. It also signed a separate $100 million advertising agreement.
Financial ties extend through debt as well. Northern Data carries a €610 million loan from Tether. Under the acquisition plan, half converts into Rumble stock. The remaining balance becomes a new Tether loan to Rumble, secured by Northern Data assets.
These steps align with Tether’s broader investment activity. The company deploys revenue from USDT, which has about $186 billion in circulation. Its investments span mining, artificial intelligence, and media platforms.
The Peak Mining transaction, therefore, fits within a defined sequence. Northern Data divested its mining arm to Tether-linked buyers. Soon after, Rumble moved to absorb Northern Data itself.
Together, the events connect asset sales, executive-controlled entities, and corporate acquisitions. The Peak Mining deal, the regulatory outlook, and the Rumble acquisition collectively outline how Tether’s leadership manages interconnected businesses across mining, data centers, and media.
