a 575-million-euro debt financing facility from Tether to drive further investments across its businesses, according to an announcement on Nov. 2.
The debt capital specifically aims to enable Northern Data Group to invest in its three business lines, including its artificial intelligence cloud service provider Taiga Cloud, Ardent Data Centers and Peak Mining, the company’s mining business. The focus of these investments will be on the acquisition of additional hardware and scaling Bitcoin mining operations with liquid-cooling mining technology, the announcement notes.
According to the announcement, the debt facility is unsecured, at standard market conditions, and has a term until Jan. 1, 2030.invested an undisclosed amount in Northern Data in a move aimed at backing AI initiatives. Tether claimed the investment was separate from its reserves and would not impact customer funds. Tether has been actively moving into Bitcoin mining operations in 2023,, bringing total excess reserves to $3.3 billion. In September 2023, it was also reported that its stablecoin loans surged despite the company working to cut such loans to zero last year.
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