Tether-Linked Firms Take Over Northern Data’s Peak Mining Business
Northern Data’s exit from Bitcoin mining has taken a far more intricate turn than initially disclosed, following revelations about who ultimately acquired its Peak Mining unit.
The divestment, first announced late last year, involved the sale of Peak Mining to three separate entities that are closely linked to senior leadership at Tether, according to reporting by the Financial Times.
The buyers were Highland Group Mining, Appalachian Energy, and a Canada-based company, together paying up to $200 million for the mining business.
Corporate filings show that Giancarlo Devasini, Tether’s co-founder and chairman, holds directorship roles across multiple buyer entities. Paolo Ardoino also appears as a director at Highland Group Mining. The ownership structure of Delaware-based Appalachian Energy, however, remains unclear.
At the time of the original announcement, Northern Data did not identify the buyers, stating that German disclosure rules did not require it to do so.
As a result, the connection to Tether executives only became public later through regulatory filings reviewed by the Financial Times.
This was not the first attempt to transfer Peak Mining to a Devasini-linked entity. An earlier agreement announced in August would have sold the unit to Elektron Energy for $235 million, but that transaction collapsed following whistleblower allegations, forcing Northern Data to abandon the deal and pursue an alternative structure.
The newly completed sale finalizes Northern Data’s withdrawal from Bitcoin mining, shifting ownership of Peak Mining entirely into the hands of companies associated with Tether’s top executives.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
