How did Tether, through affiliated structures, seize Peak Mining before Northern Data was acquired by Rumble

Regulatory Pressure and Corporate Maneuvers: Details of a Complex Mining Deal

In November, North American and European mining operations Peak Mining changed ownership. The sale was approximately $200 million, but the situation turned out to be much more complex than a typical commercial transaction. Northern Data, a German company specializing in data centers for AI, divested its Bitcoin mining subsidiary to structures controlled by leading Tether figures — Giancarlo Devasini and Paolo Ardoino.

Opacity in the Ownership Chain

Initially, the buyers were not disclosed. Only after approaching American regulators did three companies become known: Highland Group Mining, Appalachian Energy LLC, and 2750418 Alberta ULC. Each was found to be connected to Tether’s management through corporate documents and registries.

On the British Virgin Islands, Devasini and Ardoino are listed as directors of Highland Group Mining. Canadian documents show Devasini as the sole director of 2750418 Alberta ULC. Appalachian Energy LLC, registered in Delaware, does not publicly list directors, but filings link the company to the same network.

Interestingly, this is already the second attempt to transfer Peak Mining. In August, Northern Data announced a confirmed deal with Elektron Energy for $235 million. Devasini was also a director of that firm. However, the deal fell through, and in November, the process was repeated with a new structure of buyers.

Regulatory Investigation and Legal Framework of the Deal

The sale occurred amid increased regulatory scrutiny. In September, European authorities conducted searches at Northern Data’s German and Swedish offices related to an investigation into large-scale VAT fraud. Estimates suggest over €100 million in potentially unpaid taxes.

Northern Data denies violations, citing misunderstandings regarding taxation of cloud GPU services and old mining structures. The company operates in a regulated but unofficial German market, which does not require disclosure of related-party transactions. This allowed the transaction to remain legal without detailed disclosure of joint control.

Northern Data’s ownership structure is concentrated: Tether, the CEO, and one shareholder together control 72% of the company. The market capitalization is €885 million. Among other major shareholders is Christian Angermayer, who recently moved to Lugano, Switzerland. Devasini and Ardoino also reside in this cryptocurrency hub.

Acquisition of Rumble and Expansion of Investments

Just days after the Peak Mining sale, Rumble announced plans to acquire Northern Data itself for $767 million. Tether owns 48% of Rumble and funds this project through income from USDT, which has a circulating volume of about $186 billion.

Alongside the acquisition, additional deals were made. Tether agreed to purchase GPU services from Rumble for $150 million and signed an advertising agreement for $100 million. Debt structures deepen the interconnection: Northern Data has a €610 million loan from Tether, half of which will be converted into Rumble shares, with the remainder becoming a new loan to Rumble secured by Northern Data’s assets.

Broad Investment Strategy

The deal with Peak Mining fits into Tether’s established sequence of capital investments. The company systematically expands its presence in mining, artificial intelligence, and media platforms. The sale of the mining subsidiary to structures affiliated with Tether, followed by the acquisition of Northern Data by Rumble, demonstrates how management manages a interconnected portfolio of assets.

This sequence of transactions — Peak Mining sale, regulatory situation, Rumble acquisition — illustrates a coordinated strategy to consolidate influence across key segments of the digital economy and cryptocurrency mining news.