Tether-Backed Rumble Intends to Acquire High-Performance Computing Solution Provider Northern Data for $1.17 Billion

August 11th. As per The Block, the renowned video sharing platform and cloud service provider, Rumble, announced on Monday that it intends to acquire the Bitcoin miner and high-performance computing expert, Northern Data company, in a potential deal worth 1 billion euros (1.17 billion US dollars). Under the all-stock transaction structure, Northern Data shareholders can swap each share for 2.319 shares of the newly issued Rumble Class A shares. Once all shares are fully delivered, Northern Data shareholders will jointly hold approximately 33.3% of Rumble's equity. Given that stablecoin giant Tether holds 54% of Northern Data as the controlling shareholder, it has shown support for the transaction and pledged to sign a multi-year GPU purchase agreement after the deal is completed. Based on the same exchange ratio, Tether will become the largest single shareholder of Rumble Class A common shares. In December 2023, the world's largest stablecoin issuer, Tether, injected $775 million into Rumble to fuel the development of this YouTube alternative platform. Rumble emphasized in a statement that "the merged entity will not only enhance its leadership in the field of artificial intelligence but also promote data privacy and independence globally." In another press release, Northern Data confirmed that it has received a potential stock swap offer and is willing to engage in further negotiations with Rumble regarding the transaction. Rumble's Chairman and CEO, Chris Pavlovski, will continue to hold the majority voting rights of the company and has publicly backed the acquisition offer, vowing to cast all affirmative votes. Northern Data's financial report for the first half of 2025, released on Monday, showed robust growth. Revenue skyrocketed by 72% year-on-year to 94.3 million euros (109.8 million US dollars), with outstanding performance from the Taiga cloud services and Peak mining segments. Benefiting from the expansion of mining power and the rise in Bitcoin prices, mining revenue increased by 49% year-on-year to 53.5 million euros (62.3 million US dollars). According to rockflow data, triggered by this news, Rumble's stock price surged by 20% in pre-market trading on Monday and is now trading at $9.48.