Tether and Rumble have offered to acquire all shares of Northern Data in a $1.17 billion transaction. The deal would give Tether the largest ownership stake in Rumble.
The proposal, disclosed by Rumble on Monday, would transfer complete control of the AI infrastructure and high-performance computing (HPC) company to the two buyers. Tether, issuer of the USDT stablecoin, is already the largest shareholder of Northern Data.
Northern Data operates through three divisions: Taiga Cloud, which provides GPU-based cloud services; Ardent Data Center, which offers data infrastructure; and Peak Mining, a Bitcoin mining business. The company plans to sell Peak Mining to focus on its AI infrastructure and HPC operations, with proceeds reinvested in those areas.
Tether’s Financial Links with Northern Data and Rumble
Tether connects both sides of the transaction. In late 2024, the company invested $775 million in Rumble, a video platform. Rumble introduced a Bitcoin and USDT wallet, expanding its ties with Tether.
In December 2023, Tether provided €575 million ($610 million) in debt financing to Northern Data. If the acquisition is completed, Tether will amend the existing loan to ensure the company has what it called “sufficient financial headway” post-transaction.
Under the proposed terms, each Northern Data shareholder would receive 2.319 newly issued Class A Rumble shares for each Northern Data share. After the exchange, Northern Data shareholders would hold 33.3% of Rumble.
Valuation and Shareholder Terms
The offer values Northern Data shares at $18.27. This figure is based on Rumble’s closing price of $7.88 on Friday. The total deal value reaches about $1.17 billion. This amount is before any changes linked to the sale of Peak Mining.
If the deal moves forward, Tether will hold the largest stake in Rumble’s Class A common stock. The share exchange ratio could change. The final valuation could also change. These adjustments depend on the sale of Peak Mining. The timing of that sale will be a factor.
Both companies say the deal will combine Northern Data’s AI infrastructure and HPC capabilities. It will also cut the company’s exposure to Bitcoin mining. This focus matches Northern Data’s recent move to shift resources toward AI and HPC. The company intends to reduce investment in mining activities.
