Companies linked to senior executives of Tether have acquired Peak Mining, a cryptocurrency mining business previously owned by Northern Data. The transaction underscores the intricate network of assets and investments managed by the world’s largest stablecoin issuer.
Northern Data, which is majority-owned by Tether, announced the sale of its bitcoin mining unit in November. The transaction was valued at up to $200 million. Regulatory filings later identified the buyers as Highland Group Mining, Appalachian Energy and 2750418 Alberta ULC.
Ownership ties raise questions
Corporate filings show that Highland Group Mining is directed by Giancarlo Devasini, Tether’s co-founder and chairman, alongside Paolo Ardoino, the company’s chief executive. Devasini is also listed as the sole director of the Canadian buyer. The management structure of Appalachian Energy has not been publicly disclosed.
As a result, the transaction effectively transferred a mining asset from a Tether-controlled company to entities also overseen by Tether’s top leadership. This highlights how the stablecoin giant manages its multibillion-dollar portfolio through closely connected corporate vehicles.
The announcement came shortly before Rumble, a social media platform in which Tether holds a significant stake, revealed plans to acquire Northern Data.
Northern Data under scrutiny
Northern Data remains a key part of Tether’s push into AI and data center infrastructure. The German-listed company has a market capitalization of roughly €885 million. Tether and affiliated parties collectively control more than 70% of its shares.
In September, European prosecutors conducted raids at Northern Data offices in Germany and Sweden as part of an investigation into suspected tax fraud. Authorities are examining whether legacy mining operations involved large-scale VAT violations. Northern Data has stated that it believes the issue stems from a misunderstanding of tax treatment and that it is cooperating fully.
Tether’s expanding investment footprint
Tether has become an active investor, deploying capital generated from USDT into artificial intelligence, energy, agriculture and media ventures. More than $180 billion worth of USDT is currently in circulation, giving the company substantial financial leverage.
The Peak Mining sale follows a previous attempt by Northern Data to sell the same asset to another Devasini-linked company. These repeated transactions highlight the tight interconnections within Tether’s corporate ecosystem and continue to attract attention from regulators and market participants alike.
