Mining Asset Restructuring: How Peak Mining Changed Hands in Multi-Layer Corporate Reshuffle

A significant corporate restructuring unfolded in the crypto and data center sector as Peak Mining, the Bitcoin mining division of Northern Data, exchanged hands in a $200 million transaction during November. The sale marked a pivotal moment that preceded a much larger $767 million acquisition announcement.

The Layered Transaction Structure

Northern Data publicly disclosed the Peak Mining divestment but initially withheld buyer identification. Subsequent regulatory filings in the United States revealed three entities behind the acquisition: Highland Group Mining, Appalachian Energy LLC, and 2750418 Alberta ULC. Documentation from British Virgin Islands corporate records and Canadian regulatory filings traced directorial control of these entities to individuals closely associated with Tether’s executive framework—specifically Giancarlo Devasini and Paolo Ardoino.

The structural arrangement creates a notable complexity. Devasini appears as a director across multiple jurisdictions, including his role with 2750418 Alberta ULC based on Canadian records. Highland Group Mining similarly lists him in British Virgin Islands filings. Appalachian Energy LLC, registered in Delaware, maintains opacity regarding public directorship disclosures while still connecting to the same operational network.

This iteration followed an earlier unsuccessful transaction attempt. In August, Northern Data had announced a nonbinding agreement with Elektron Energy valued at $235 million. That entity’s directorial records also pointed to Devasini. The negotiation collapsed, leading to the November finalized transaction with the restructured buyer constellation.

Regulatory Backdrop and Corporate Governance Questions

The timing of the Peak Mining sale coincided with intensified regulatory activity. European authorities conducted raids on Northern Data facilities in Germany and Sweden during September, investigating suspected VAT-related compliance issues. Northern Data management disputed the allegations, characterizing the matter as a technical disagreement over tax treatment classification rather than intentional wrongdoing.

Northern Data’s market position reflects concentrated ownership. Tether’s executive leadership and affiliated shareholders collectively control approximately 72% of the company, which maintains a market valuation near €885 million. Investor Christian Angermayer, who recently established residence in Lugano, Switzerland—a geographic hub increasingly populated by crypto-sector entities—holds a substantial minority stake.

The jurisdiction and regulatory environment permitted the Peak Mining transaction without mandatory disclosure of related-party connections, operating within legal parameters while raising questions about transparency standards.

Cascading Corporate Moves

Northern Data’s mining divestment preceded an accelerated acquisition sequence. Days after Peak Mining’s transfer completed, Rumble announced its intention to acquire Northern Data for approximately $767 million. This represented the opening move in an interconnected series of arrangements.

Tether maintained a 48% ownership position in Rumble, and alongside the acquisition framework, the organizations structured additional commercial commitments. Tether agreed to procure $150 million in GPU computational services from Rumble and simultaneously executed a $100 million advertising services agreement. Debt arrangements further interlinked the entities: Northern Data carried approximately €610 million in outstanding borrowing from Tether, with the proposed acquisition structure converting half into Rumble equity while restructuring the remainder as a new secured facility.

Broader Investment Context

These transactions reflect Tether’s expanded investment portfolio extending beyond its primary USDT stablecoin operation (currently circulating approximately $186 billion in supply). The company has systematically deployed capital across mining infrastructure, artificial intelligence data center operations, and media distribution platforms.

The Peak Mining restructuring, Northern Data’s subsequent acquisition by Rumble, and the supporting financial arrangements form an integrated sequence. Mining assets transitioned to entities controlled by Tether-adjacent executives; Northern Data itself moved toward Rumble’s ownership structure; and Tether simultaneously expanded its commercial and financial footprint across mining, computational infrastructure, and media sectors.

This interconnected architecture demonstrates how investment activities, executive-controlled entities, and major acquisitions interweave across the cryptocurrency and technology sectors.