Tether and Rumble have jointly proposed to acquire all outstanding shares of Northern Data, an artificial intelligence and high-performance computing (HPC) infrastructure provider, in a deal worth approximately $1.17 billion. The acquisition would make Tether the largest shareholder in Rumble, further cementing the two companies’ collaboration in AI and digital infrastructure.
Proposed Acquisition Structure
Under the proposal, each Northern Data shareholder would receive 2.319 newly issued Class A shares of Rumble for every Northern Data share they hold. This values Northern Data shares at $18.27 based on Rumble’s closing price of $7.88 last Friday. The transaction would result in Northern Data shareholders collectively owning about 33.3 per cent of Rumble’s outstanding shares.
The offer is also subject to adjustments depending on the potential sale of Northern Data’s Bitcoin mining division, Peak Mining. Proceeds from the sale would be reinvested into the company’s AI and HPC operations.
Deepening Strategic Links
Tether, the issuer of the USDT stablecoin, is already Northern Data’s largest shareholder and a significant investor in Rumble. In late 2024, Tether invested $775 million in the video platform, which markets itself as a censorship-resistant alternative to YouTube. Their partnership expanded in May this year when Rumble introduced a digital wallet supporting Bitcoin and USDT transactions.
The deal aims to build on Northern Data’s existing infrastructure, spanning three key divisions: Taiga Cloud, a GPU-based cloud services provider; Ardent Data Center, offering high-performance data facilities; and Peak Mining, focused on Bitcoin mining. The latter is expected to be divested as part of the company’s pivot toward AI and HPC growth.
Financial Commitments
Alongside the acquisition, Tether would amend its existing loan arrangements with Northern Data to ensure the business has adequate financial resources post-transaction. In late 2023, Tether issued €575 million (around $610 million) in debt financing to Northern Data, underscoring its long-term investment interest in the firm.
Outlook and Next Steps
If completed, the acquisition would integrate Northern Data’s AI and computing expertise with Rumble’s expanding digital ecosystem, supported by Tether’s financial and technological resources. The companies expect this alignment to drive innovation in decentralised communications, AI solutions, and cloud infrastructure.
The transaction remains subject to regulatory review and shareholder approval. No timeline for completion has been provided.
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