Tether-backed data centre operator Northern Data has sold its Bitcoin mining subsidiary, Peak Mining, to a group of companies linked to senior executives at stablecoin issuer Tether, according to a report by the Financial Times.
The deal, valued at up to $200 million, saw Peak Mining sold to Highland Group Mining, Appalachian Energy, and an Alberta-based company, all of which are reportedly connected to Tether’s leadership.
Corporate filings reviewed by the Financial Times show that Highland Group Mining is run by Giancarlo Devasini, Tether’s co-founder and chair, and Paolo Ardoino, the company’s chief executive.
The Alberta-based entity also lists Devasini as its sole director, while the ownership and management structure of Delaware-registered Appalachian Energy remains unclear.
Northern Data first disclosed plans to divest Peak Mining in November, but did not identify the buyers at the time.
The company said it was not required to do so under German disclosure rules, which do not mandate the naming of counterparties in such transactions. At the time, Northern Data framed the sale as part of a broader strategic shift away from Bitcoin mining and toward artificial intelligence and high-performance computing infrastructure.
The transaction has drawn attention due to its timing and the relationships involved. The sale reportedly took place shortly before video-sharing platform Rumble, in which Tether holds close to a 50% stake, agreed to acquire Northern Data.
While neither Northern Data nor Tether has publicly commented on the overlap between the transactions, the sequence has raised questions about related-party dealings within Tether’s expanding investment network.
Northern Data has been undergoing a transformation over the past year, repositioning itself as an AI-focused data centre operator amid declining margins in the Bitcoin mining sector. Peak Mining was one of the company’s last remaining direct exposures to cryptocurrency mining.
Tether, best known as the issuer of the USDT stablecoin, has increasingly diversified its investments beyond digital assets, backing ventures in data centres, energy, media, and artificial intelligence. The acquisition of Peak Mining by entities linked to Tether executives further underscores the group’s growing footprint in infrastructure tied to the crypto ecosystem.