Rumble Mulls €1B Northern Data Takeover as Peak Mining Set for $235M Sale
Rumble Inc. (NASDAQ: RUM), the $2 billion video-sharing and cloud services provider, said it is exploring an all-stock acquisition of Germany’s bitcoin mining and AI data center operator Northern Data.
Under the potential exchange offer, Northern Data shareholders would receive 2.319 newly issued Rumble Class A shares for each share tendered, giving them about 33.3% of the combined company if all outstanding shares are exchanged. The ratio could increase following balance-sheet adjustments, including the planned sale of Northern Data’s Peak Mining unit.
Northern Data on Monday confirmed it has signed a non-binding, non-exclusive term sheet to sell Peak Mining—its Bitcoin mining division—to Elektron Energy LP for up to $235 million in cash.
The proposed deal includes $175 million in upfront payment, with the remainder tied to performance targets and the transfer of a deposit agreement with a mining hardware producer. Northern Data’s Ardent division would retain the right to participate in any potential high-performance computing development of Corpus Christi II by Elektron. The sale is expected to close in the second half of 2025, subject to customary conditions.
Rumble’s proposed offer assumes the Peak Mining sale will be completed before closing, with net proceeds used to repay part of a shareholder loan from Tether, which owns about 54% of Northern Data. Any remaining loan would stay outstanding under amended terms, and Rumble said it aims to avoid liability for the debt.
If completed, the acquisition would fold Northern Data’s Ardent data-center operations and Taiga GPU-as-a-service platform—which includes about 20,480 Nvidia H100s and 2,048 H200s—into Rumble’s cloud business. Northern Data owns five data center sites with potential energized capacity of nearly 850 megawatts, including a facility in Maysville, Georgia, expected to reach up to 180 MW.
Tether, which invested $775 million in Rumble earlier this year, has indicated support for the potential offer and said it would swap its Northern Data stake for Rumble shares at the agreed ratio. It would also become a major Rumble customer under a multi-year GPU purchase commitment and amend the loan it has extended to Northern Data.
Rumble stressed that no final decision has been made to launch the offer, which remains subject to due diligence, negotiation of definitive agreements, and regulatory approvals, including from German markets regulator BaFin.
