Tether-backed Northern Data sold mining firm to Tether execs: FT

cointelegraphОпубликовано 2025-12-22Обновлено 2025-12-22

Введение

Northern Data, a Tether-backed data center operator, sold its Bitcoin mining business, Peak Mining, for up to $200 million to three companies run by Tether executives, including its co-founder and CEO. The sale occurred just before Rumble, a video-sharing platform in which Tether holds a major stake, agreed to acquire Northern Data. This is the second attempt to sell the mining unit to a Tether-linked entity. Northern Data is under investigation in Europe for suspected tax fraud and has a complex financial relationship with Tether, including a €610 million loan. The sale highlights Tether's expanding interests beyond stablecoins into mining, AI, and other ventures.

The Tether-backed data centre operator Northern Data reportedly sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives.

Northern Data was sold for up to $200 million to Highland Group Mining, Appalachian Energy, and an Alberta-based company, run by Giancarlo Devasini, Tether co-founder and chair, and its CEO, Paolo Ardoino, the Financial Times reported on Friday.

Filings reportedly show that Highland Group’s directors are Devasini and Ardoino, and the sole director of the Alberta company is Devasini, while it remains unclear who runs Delaware-based Appalachian Energy.

Northern Data initially announced the Peak Mining divestment in November, but did not identify the buyers, as it was not required by German regulators.

The deal also happened just before video-sharing platform Rumble, in which Tether holds nearly a 50% stake, agreed to acquire Northern Data.

Tether’s complex web of financial ties. Source: The Financial Times

Web of complex financial ties

It is also the second attempt to sell Peak Mining to a Devasini-controlled company. The first deal announced in August was with Elektron Energy for $235 million, but it fell through amid whistleblower allegations.

Northern Data faces investigation by European prosecutors for suspected tax fraud, and its offices were raided in September.

Related: Tether deepens AI bet, backs Italian firm’s humanoid robots

Tether has also agreed on a $100 million advertising deal with Rumble and plans to buy $150 million worth of GPU services from it as it delves deeper into Bitcoin mining.

Northern Data also currently has a 610 million euro ($715 million) loan from Tether.

The stablecoin issuer will receive half of the loan balance in Rumble stock as part of the acquisition, with the rest paid in the form of a new loan from Tether to Rumble, secured against Northern Data assets, the FT reported.

Tether branching out from stablecoins

Tether remains the world’s dominant player in the stablecoin sector with a 60% market share and $187 billion in circulating supply of USDT.

In addition to Bitcoin mining, AI, and video-sharing platforms, it is also eyeing sports teams.

On December 12, Tether launched a $1.1 billion bid to acquire the Italian professional soccer club, Juventus Football Club, but it was rejected by the club’s owners.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

Связанные с этим вопросы

QWhat is the name of the Bitcoin mining business sold by Northern Data, and to whom was it sold?

ANorthern Data sold its Bitcoin mining business, Peak Mining, to three companies run by Tether executives: Highland Group Mining, Appalachian Energy, and an Alberta-based company.

QWho are the key Tether executives involved in the purchase of Peak Mining, according to the Financial Times report?

AThe key Tether executives involved are Giancarlo Devasini, Tether's co-founder and chair, and its CEO, Paolo Ardoino. Devasini is a director of Highland Group and the sole director of the Alberta company.

QWhat significant event happened just before Rumble agreed to acquire Northern Data?

AJust before Rumble agreed to acquire Northern Data, the deal to sell Peak Mining to the Tether executives' companies took place.

QBesides stablecoins, what other industries is Tether investing in, as mentioned in the article?

ATether is investing in Bitcoin mining, artificial intelligence (AI), video-sharing platforms (through its stake in Rumble), and has also made a bid to acquire the Italian soccer club Juventus.

QWhat is the nature of the financial relationship between Tether and Northern Data beyond the recent sale?

ANorthern Data currently has a 610 million euro ($715 million) loan from Tether. As part of Rumble's acquisition of Northern Data, Tether will receive half of this loan balance in Rumble stock, with the rest paid as a new loan from Tether to Rumble, secured against Northern Data's assets.

Похожее

Bitcoin Price Could See Another Crash, But What Is The Long-Term Prognosis?

Bitcoin recently surpassed $78,000, reigniting bullish sentiment and expectations of reaching six figures. However, analyst Behdark warns of a potential price crash before any sustained recovery. He suggests current optimism may be misleading, possibly a tactic by market makers to attract buyers before a downturn. Technical analysis indicates bearish patterns, such as a triangle or diamagnetic formation, signaling a likely decline. Key resistance levels to watch are $77,000 and $80,552, where a reversal may occur. If a correction happens, support levels are identified near $72,800, $67,885, and $67,677, with a break below possibly leading to a further 10% drop. The long-term outlook remains above the $60,000 cycle support, suggesting eventual recovery after a short-term dip.

bitcoinist45 мин. назад

Bitcoin Price Could See Another Crash, But What Is The Long-Term Prognosis?

bitcoinist45 мин. назад

Prediction Markets Under Bias

The article "Prediction Markets Under Bias" by Jeff Park of Bitwise argues against the common media portrayal of prediction markets as mere gambling or a social ill. It distinguishes between gambling and investment based on whether a participant's strategy has a positive expected value (+EV), not the market's structure. The author contends that prediction markets, like poker, are skill-based and can be a legitimate form of investment, offering individuals autonomy, truth discovery, and decentralized value. The piece critiques the common conflation of prediction markets with casino gambling, highlighting their role in risk hedging and capital efficiency, similar to insurance and securitization. A key differentiator is their precision and finite expiration, which makes prices directly anchor to factual outcomes, rewarding deep research and information advantage rather than punishing the uninformed. The author concludes that media opposition often stems from a structural bias, as these markets challenge traditional information gatekeepers and promote a more democratic, transparent system for pricing truth. The real debate is not about information having a price, but about who controls and profits from it.

marsbit1 ч. назад

Prediction Markets Under Bias

marsbit1 ч. назад

Why Do You Always Lose Money on Polymarket? Because You're Betting on News, While the Pros Read the Rules

Why do you always lose money on Polymarket? Because you bet on news, while the pros study the rules. This article explains how top traders ("che tou") profit by meticulously analyzing market rules, not just predicting events. Polymarket, a prediction market platform, often sees disputes over event outcomes due to ambiguous rule wording. For instance, a market asking "Who will be the leader of Venezuela by the end of 2026?" was misinterpreted by many who bet on Delcy Rodríguez, assuming she held power. However, the rules specified "officially holds" as the formally appointed, sworn-in individual. Since Nicolás Maduro was still recognized as president officially, he won the market—even being in prison. To resolve such disputes, Polymarket uses a decentralized arbitration system via UMA protocol. The process involves: 1. Proposal: Anyone can propose a market outcome by staking 750 USDC, earning 5 USDC if unchallenged. 2. Dispute: A 2-hour window allows challenges with a 750 USDC stake; successful challengers earn 250 USDC. 3. Discussion: A 48-hour period on UMA Discord for evidence and debate. 4. Voting: UMA token holders vote in two 24-hour phases (blind then public). Outcomes require >65% consensus and 5M tokens voted; otherwise, four re-votes occur before Polymarket intervention. 5. Settlement: Results are final and automatic. Unlike traditional courts, Polymarket’s system lacks separation between arbitrators and stakeholders—voters often hold market positions, creating conflicts of interest. This leads to herd mentality in discussions and non-transparent outcomes without explanatory rulings, preventing precedent formation. Thus, success on Polymarket hinges on deep rule interpretation, not just event prediction, exploiting gaps between reality and contractual wording.

marsbit1 ч. назад

Why Do You Always Lose Money on Polymarket? Because You're Betting on News, While the Pros Read the Rules

marsbit1 ч. назад

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

DeepSeek, a leading Chinese AI company, has initiated its first external funding round, aiming to raise at least $300 million at a valuation of no less than $10 billion. This move marks a significant shift from its founder Liang Wenfeng’s previous idealistic stance of rejecting external capital to maintain independence. Despite strong financial backing from its parent company, quantitative trading firm幻方量化 (Huanfang Quant), which provided an estimated $700 million in revenue in 2025 alone, DeepSeek faces mounting challenges. Key issues include a 15-month gap in major model updates, delays in its flagship V4 release, and the loss of several core researchers to competitors offering significantly higher compensation. The company is also undergoing a strategic pivot by migrating its infrastructure from NVIDIA’s CUDA to Huawei’s Ascend platform, a move aligned with China’s push for technological self-reliance amid U.S. export controls. However, DeepSeek lags behind rivals like智谱AI and MiniMax—both now publicly listed—in areas such as product ecosystem, multimodal capabilities, and commercialization. The funding round, though relatively small in scale, is seen as a way to establish a market-validated valuation anchor, making employee stock options more competitive and facilitating talent retention. It also signals DeepSeek’s transition from a pure research-oriented organization to a commercially-driven player in the global AI ecosystem.

marsbit1 ч. назад

DeepSeek Funding: Liang Wenfeng's 'Realist' Pivot

marsbit1 ч. назад

Warsh, Trump's Next 'Scapegoat' at the Federal Reserve?

Kevin Warsh, a nominee for the Federal Reserve chair, faces a challenging confirmation hearing amid political pressure from former President Donald Trump to implement immediate and significant interest rate cuts. Warsh has proposed reforms including reducing the Fed’s communication frequency and shrinking its $6.7 trillion balance sheet. However, market expectations for rate cuts remain limited, creating tension with Trump’s demands. Warsh’s stance has shifted over time, from hawkish during the financial crisis to more dovish recently, citing AI-driven productivity gains. His confirmation is further complicated by Republican Senator Thom Tillis’s threat to block the nomination unless an investigation into current Chair Jerome Powell is dropped. Trump has warned of firing Powell if he doesn’t leave on time. Observers note that Warsh risks becoming a "scapegoat"—either by yielding to political pressure and fueling inflation, or by resisting and facing Trump’s backlash. His ties to Trump’s circle and Wall Street support may aid his nomination, but his ability to balance political demands with the Fed’s credibility remains uncertain. Historical precedents, like Arthur Burns’s compliance with Nixon, highlight the risks of political interference in monetary policy.

marsbit2 ч. назад

Warsh, Trump's Next 'Scapegoat' at the Federal Reserve?

marsbit2 ч. назад

Торговля

Спот
Фьючерсы
活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow