Sale of Peak Mining raises governance questions amid regulatory scrutiny and major acquisition talks
Bitcoin mining divestment by Northern Data has drawn renewed attention after filings revealed that the buyers were companies controlled by senior executives of its majority shareholder, Tether. The transaction, completed shortly before a major acquisition announcement, highlights ongoing concerns around transparency, governance, and regulatory oversight in the digital asset sector.
Northern Data sold its bitcoin mining subsidiary, Peak Mining, in November for a price reported to be up to $200 million. Subsequent corporate filings show the buyers were entities linked to Tether’s co-founder and chairman Giancarlo Devasini and Tether CEO Paolo Ardoino. The acquiring companies span multiple jurisdictions, including the United States, Canada, and the British Virgin Islands.
While Northern Data publicly confirmed the sale, it did not disclose that the deal was a related-party transaction. This omission was permitted under the disclosure rules of the secondary German market where the company’s shares trade, which does not require reporting such relationships.
This was not the first effort to divest Peak Mining to entities linked to Tether leadership. An earlier proposed sale at a higher valuation failed to close. The finalized deal occurred just days before a separate announcement that Northern Data would be acquired in a transaction valued at approximately $767 million by a media and cloud services firm backed by Tether.
The transaction unfolded amid ongoing regulatory investigations into Northern Data in Europe, including probes related to alleged tax irregularities. Although the company has denied wrongdoing, the scrutiny adds complexity to its corporate restructuring.
Tether, which owns roughly 54% of Northern Data, has signaled aggressive expansion in bitcoin mining, aiming to secure its substantial bitcoin reserves. The Peak Mining sale underscores how closely intertwined corporate strategy and executive interests have become within the crypto infrastructure landscape.
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