Tether-backed Northern Data has received an acquisition offer for its crypto mining unit

Publicly traded miner Northern Data AG is nearing a deal to sell its cryptocurrency mining business, hoping to capitalize on the November bitcoin rally. The company decided in October to sell its crypto mining unit, Peak Mining. Northern Data Chief Financial Officer Elliot Jordan said the company has hired bankers, invited bidders to submit offers and is reviewing proposals. “It’s a work in progress, and we’re getting offers from a number of different parties, and it’s going well,” Jordan said in a speech at the German Equity Forum on Wednesday. Northern Data has not put a value on the business, but it was reportedly valued at $300 million to $500 million before bitcoin’s rally, Jordan said. “It’s clearly the right time to sell this business,” he told investors. Northern Data, whose main shareholder is stablecoin issuer Tether Holdings Ltd., is looking to free up funds to expand its artificial intelligence services business. (Bloomberg)