Northern Data Group, a German data center operator, has secured a debt financing facility of up to €575 million from Tether Group, the stablecoin issuer, to expand its Bitcoin mining, AI, and data center operations.
"As the demand for technological innovation and acceleration shows no signs of slowing down, this debt facility will allow Northern Data Group to continue capitalizing on the market opportunities within each sector of our three subsidiaries, Taiga Cloud, Ardent Data Centers and Peak Mining," Northern Data CEO Aroosh Thillainathan added.
Peak Mining previously signed a contract with MicroBT in September — worth $150 million — for over 7 Exahashes of the latest generation WhatsMiners, making it one of the world's largest Bitcoin miners. The new financing will also be used to acquire sophisticated Nvidia AI hardware, enabling Northern Data’s Taiga Cloud business to expand its generative artificial intelligence cloud services.
This loan facility, capped at 575 million EUR, is intended to be drawn over the next year. It will be covered using the company's profits and will not be part of Tether's stablecoin consolidated reserves. The transaction is facilitated through a separate investment vehicle within Tether Group to ensure segregation, Ardoino told The Block in a statement.