Data center, crypto, and AI firm Northern Data is an acquisition target for a video platform.

Video platform and cloud hosting company Rumble is looking to acquire Northern Data, rolling in its cloud and data center units.

At the same time, Northern has sold off its cryptomining business.

Northern Data sells Peak Mining

Northern Data this week confirmed the execution of a non-binding, non-exclusive term sheet for the sale of Peak Mining, Northern Data’s Bitcoin mining division, to Elektron Energy.

The deal is valued at $235 million and is expected to conclude in the second half of 2025.

The deal includes $175 million of upfront cash consideration, with the remainder subject to performance metrics and the successful transfer of a deposit agreement with a Bitcoin miner hardware producer.

Northern noted that its Ardent division retains the right to participate in any potential HPC development of Corpus Christi II by Elektron.

Elektron Energy is a privately held Bitcoin mining company.

Rumble looks to buy remainder of Northern Data

Rumble Inc., an ‘alt-tech’ video platform and cloud services provider that promises not to cancel users, is looking to buy the rest of Northern Data.

Rumble over the weekend announced it has informed Northern Data of its interest in pursuing a potential exchange offer. Northern Data said it is evaluating the deal, and is willing to entertain further discussions with Rumble relating to the offer.

The deal would see each Northern Data shareholder receive 2.319 newly issued shares in exchange for each share in the acquired company, giving around 33.3 percent ownership in Rumble. The deal would be valued at around $1.17 billion.

Chris Pavlovski, Rumble’s chairman and CEO, would own a majority of the voting power of the combined company, though Tether – an existing shareholder – is expected to become the single largest holder of Rumble’s Class A common stock.

“Rumble believes the potential offer, if completed, would fundamentally transform Rumble into a global AI cloud leader,” Rumble said. “Upon acquiring all outstanding Northern Data shares, Rumble expects that it would integrate Ardent, Northern Data’s data center business, and Taiga, Northern Data’s GPU as a service business, into Rumble’s existing operations.”

Northern Data operates GPU clusters in Europe through its Taiga Cloud business, totaling more than 22,000 GPUs, while its Ardent Data Centers business has approximately 250MW of capacity online or in development across eight global data centers in the US and Europe by 2027 – a mixture of colocation and owned sites.

Cryptomining company Tether is currently a major shareholder in both Northern Data and Rumble.

Tether made a $775 million investment in Rumble in February 2025. Tether is also deploying cryptoming hardware at biogas-powered plants in Brazil operated by an agriculture subsidiary.

Rumble said Tether is supporting the deal, and would become an “important customer of Rumble, with a multi-year commitment to purchase GPUs.”

Rumble’s offer also assumes the proceeds from Northern’s sale of Peak mining would be used to reduce an existing loan from Tether.

Guggenheim Securities LLC is acting as financial advisor, and Willkie Farr & Gallagher LLP is serving as legal counsel to Rumble.

Founded in 2023, Rumble operates the Rumble video platform and Rumble Cloud units and went public in 2022 via a SPAC merger. The company espouses freedom and promises not to cancel customers. Rumble Cloud hosts Donald Trump’s Truth Social platform.

Rumble’s current data center footprint is unclear. The company says its Rumble Cloud covers “several geographic regions” in the United States.

This week, Rumble posted Q2 2025 revenues of $25.1 million. Net loss for the quarter was $30.2 million.

The Tampa Bay Buccaneers is a named customer of Rumble, which provides the infrastructure for the storage of all the American Football team’s video content. The company is providing cloud services to the government of El Salvador.

End of the road for Northern Data?

Northern Data was founded as Northern Bitcoin AG in Germany in 2009 and branded itself as a ‘green’ Bitcoin mining company.

In 2020, Northern Bitcoin was officially renamed Northern Data Group and moved its focus to HPC. And in the summer of 2023, Northern split its business into three brands: Taiga Cloud, Ardent Data Centers, and Peak Mining.

Northern Data’s Taiga unit operates more than 22,000 GPUs. Ardent Data Centers has approximately 250MW of power deployed or coming online across eight global data centers by 2027, according to Northern.

Ardent operates data centers in Boden, Sweden; Lefdal and Kristiansand, Norway. The Lefdal site is hosted by Lefdal Mine, and Kristiansand by Bulk. In June 2025, Northern launched a Pittsburgh, Pennsylvania, data center that will be operated by Ardent.

The company is also planning a large development in Maysville, Georgia. Northern’s most recent earnings presentation says the group also has colocation capacity in the UK and Portugal. Its website also lists a 6MW site in Amsterdam, the Netherlands.

In May of this year, Northern Data said that it had received expressions of interest from unnamed “US-listed companies” to enter into discussions focused on merging or acquiring its Taiga Cloud and Ardent divisions.

Previous reports further suggest Northern was looking at initial public offerings (IPOs) for both Taiga and Arden, potentially targeting a $10-16 billion valuation. The company last year announced plans to divest its Peak Mining unit.