Tether, the issuer of the USDT stablecoin, and video platform Rumble have proposed a joint acquisition of all shares in AI infrastructure company Northern Data Group in a deal valued at approximately $1.17 billion. According to the announcement, Northern Data shareholders would receive 2.319 newly issued Class A Rumble shares for each share tendered, translating to about 33.3% ownership of the combined entity based on Rumble's recent $7.88 closing price.
Tether—already Northern Data's largest shareholder with a 54% stake and a $775 million investor in Rumble—will become Rumble's dominant shareholder post-transaction. The deal is contingent on Northern Data selling its Bitcoin mining division, Peak Mining, to U.S.-based Elektron Energy for up to $235 million. Proceeds will partially repay Tether's outstanding €575 million ($610 million) loan to Northern Data.
Northern Data operates three divisions: Taiga Cloud (GPU services), Ardent Data Centers (infrastructure), and Peak Mining (BTC operations). The acquisition would integrate Northern Data's 20,480 Nvidia H100 GPUs and 2,048 H200 GPUs across five data centers with nearly 850 MW capacity into Rumble's ecosystem. Tether will also become a major Rumble customer through a multi-year GPU purchase commitment.
The transaction remains subject to due diligence, regulatory approvals, and finalization of Peak Mining's sale, expected in late 2025.