- Tether’s Devasini and Ardoino oversee $200M Peak Mining acquisition.
- Strengthens Tether’s mining strategy amid AI pivot.
- Sale aligns with Northern Data’s sector focus shift.
Tether executives acquired Northern Data’s Peak Mining for $200 million, announced in November 2025, as part of shifting focus from Bitcoin mining to AI data centers.
The acquisition reflects Tether’s strategic internal asset movement, affecting its Bitcoin mining operations without immediate cryptocurrency market impacts.
Giancarlo Devasini and Paolo Ardoino have acquired Northern Data’s Peak Mining for $200 million. The decision marks a strategic internal restructuring within Tether’s mining operations.
Devasini and Ardoino, through Highland Group Mining Inc. and Appalachian Energy LLC, executed this acquisition to enhance Tether’s Bitcoin mining capabilities. The deal marks a significant internal operation move for Tether.
The deal reflects Tether’s strategy shift as Peak Mining joins its existing infrastructure, optimizing Bitcoin mining while the firm pivots towards AI and data processing. Northern Data exits the Bitcoin mining sector amid a strategic realignment.
Financially, the agreement involves $50M upfront and $150M deferred, contingent on mining profits. This transaction is poised to support Tether’s broader financial framework and restructuring initiatives.
Historical attempts to acquire Peak Mining included a similar effort by Devasini’s failed Elektron Energy deal, valuing it at $235M. The current acquisition at $200M reflects strategic adjustments amid industry shifts.
Tether’s acquisition advances potential regulatory and technological impacts within Northern Data’s ongoing EU tax probe. The firm’s AI orientation and Bitcoin mining focus may yield longer-term benefits under current industry trends.
Paolo Ardoino, CEO, Tether – “The acquisition of Peak Mining is part of our vision to expand beyond traditional Bitcoin mining and invest in high-performance computing.”
Giancarlo Devasini, Co-founder and Chairman, Tether, emphasized the strategic shift, stating, “We are strategically repositioning our assets to focus on the growing demand for AI capabilities.”
