Northern Data, a data center operator majority-owned by stablecoin issuer Tether, has sold its Bitcoin mining business, Peak Mining, to companies controlled by Tether executives. The transaction, valued at up to $200 million, involved Highland Group Mining, Appalachian Energy, and an Alberta-based firm linked to Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino. Northern Data disclosed the divestment in November but did not identify the buyers at the time.
The sale comes amid growing scrutiny of Northern Data’s financial structure and governance. The company is facing an investigation by European prosecutors over suspected tax fraud, following office raids in September. The divestment also occurred shortly before video platform Rumble, in which Tether holds a significant stake, agreed to acquire Northern Data.
The transaction underscores Tether’s expanding footprint beyond stablecoins into mining, infrastructure, and media. While USDT remains dominant in global stablecoin markets, the firm’s widening range of investments has drawn increased attention to its interconnected corporate relationships.
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