EU's Largest Bitcoin Miner Northern Data Sold to Tether-run Companies, But There’s a Twist

Core Insights - Northern Data's sale of its Bitcoin mining subsidiary, Peak Mining, for up to $200 million has come under scrutiny due to connections between the buyers and Tether executives [1][4][5] - The sale is viewed as a strategic exit from Bitcoin mining as Northern Data shifts focus towards artificial intelligence (AI) and high-performance computing (HPC) [2][7] - The ownership structure of the buyers raises concerns about potential conflicts of interest, as Tether holds a controlling stake in Northern Data [3][5] Group 1: Transaction Details - Peak Mining was sold to a group of three companies, two of which are controlled by Tether's co-founder Giancarlo Devasini and CEO Paolo Ardoino [4][7] - Tether's controlling stake in Northern Data is approximately 54%, and the company has provided a €610 million loan to Northern Data, indicating a tight financial relationship [5][9] - The sale was initially attempted before but collapsed, making this the second attempt to sell Peak Mining [7] Group 2: Regulatory and Disclosure Issues - Northern Data operates on a secondary German market with lighter disclosure requirements, which allowed the company to avoid publicly identifying the buyers or disclosing the transaction as related-party at the time of sale [9] - The identities of the acquiring entities were only revealed through filings in various jurisdictions weeks after the transaction was completed [9]