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

By: theblockbeats.news|2025/08/11 20:22:03

BlockBeats News, August 11, according to The Block, well-known video sharing platform and cloud service provider Rumble announced on Monday that it plans to acquire Bitcoin miner and high-performance computing expert Northern Data company in a potential transaction worth 1 billion euros (1.17 billion US dollars).

Under the all-stock transaction scheme, Northern Data shareholders can exchange each share for 2.319 shares of newly issued Rumble Class A shares—upon full delivery of all shares, Northern Data shareholders will collectively hold approximately 33.3% of Rumble's equity. As the controlling shareholder holding 54% of Northern Data, stablecoin giant Tether has expressed support for the transaction and has pledged to sign a multi-year GPU purchase agreement after the transaction 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 boost the development of this YouTube alternative platform. Rumble emphasized in a statement: "The merged entity will not only strengthen its leadership in the field of artificial intelligence, but will also promote data privacy and independence globally."

In another press release, Northern Data confirmed that it has received a potential stock swap offer and expressed willingness to engage in further negotiations with Rumble on the transaction. Rumble's Chairman and CEO Chris Pavlovski will continue to hold the majority voting rights of the company and has publicly supported the acquisition offer, pledging to cast all affirmative votes.

Northern Data's financial report for the first half of 2025 released on Monday showed strong growth: revenue soared 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 mining power expansion 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, stimulated by this news, Rumble's stock price surged 20% in pre-market trading on Monday, now trading at $9.48.

-- Price

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