Tether Rumble to Acquire Northern Data for $1.17 Billion in Share Swap

Tether, the issuer of the world’s largest stablecoin USDT, and video platform Rumble have proposed a joint bid to acquire all outstanding shares of Northern Data, a German artificial intelligence and high-performance computing (HPC) firm, in a deal valued at approximately $1.17 billion [1]. The offer, announced by Rumble, is structured as an exchange ratio of 2.319 newly issued Class A Rumble shares for each Northern Data share, implying a per-share value of $18.27 [1]. Tether is already Northern Data’s largest shareholder and has been strengthening ties with the company to advance its strategic focus on AI, peer-to-peer communications, and data storage [1].

The deal marks the latest step in Tether’s broader push into AI infrastructure and digital services. In late 2024, Tether invested $775 million in Rumble, and in May 2025, the two firms launched a Bitcoin and USDT-enabled wallet [1]. Northern Data operates three business segments: Taiga Cloud (GPU cloud services), Ardent Data Center (data infrastructure), and Peak Mining (Bitcoin mining). The company has indicated its intention to sell the mining unit and reinvest the proceeds into AI and HPC [1].

If the acquisition is finalized, Northern Data shareholders would own approximately 33.3% of Rumble, with Tether expected to become the largest single holder of Rumble’s Class A common stock [1]. The deal also includes financial adjustments tied to the potential sale of Peak Mining and an amendment to Tether’s existing €575 million ($610 million) debt facility to provide the combined entity with sufficient financial flexibility [1]. The transaction remains subject to shareholder approval and customary closing conditions [1].

This proposed acquisition comes as Tether continues to expand its influence in the stablecoin market and beyond. In Q2 2025, the company reported a net profit of $4.9 billion, a 277% increase year-over-year, driven in part by rising yields on U.S. Treasurys, which form a significant portion of its reserves [1]. With a market share of 61.7% in the stablecoin sector, USDT has a market cap of $164.5 billion [1]. As of June 30, Tether held $162.6 billion in assets and $157.1 billion in liabilities, primarily linked to token issuance [1]. The company’s U.S. Treasury holdings have grown to $127 billion, placing it among the world’s top holders [1].

The move to acquire Northern Data reflects Tether’s growing interest in leveraging AI and HPC capabilities to enhance its digital infrastructure and expand beyond stablecoin issuance. By combining resources with Rumble, Tether aims to strengthen its presence in the digital asset ecosystem while benefiting from Northern Data’s expertise in GPU cloud services and data infrastructure. The deal also aligns with broader industry trends as firms seek to integrate AI into their core operations and offerings.

Source:

[1] Tether, Rumble to Acquire Full Control of Northern Data in $1.17 Billion Deal

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