Tether Acquires 20% Stake
Tether is reportedly entering a $420 million deal with an overseas Bitcoin crypto mining firm, involving artificial intelligence chips, according to Forbes, based on statements from Northern Data and its executives.
Tether has spent $420 million on 100,000 Nvidia H100 GPUs, 2% of the 550,000 GPUs expected this year. The purchase was made on behalf of Northern Data, a German crypto mining firm, which plans to rent cloud access to these specialized chips to AI startups. Tether will gain a 20% stake in Northern Data.
The deal was conducted through an Irish shell company called Damoon, with Northern Data taking a 70% stake. Forbes suggests Northern Data could acquire the rest of Damoon, though the total cost is unknown.
(With inputs from Shikha Singh)
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