Northern Data AG is closing in on a deal to sell its cryptocurrency mining business as it looks to capitalise on bitcoin's rally in November. According to Elliot Jordan, chief financial officer of Northern Data, the company has hired bankers, invited bidders to submit bids and is currently reviewing proposals. "It's best described as'in progress' and offers are being received from a number of different parties and it's going well," Mr. Jordan said in a speech at the German Equity Forum on Wednesday. Mr. Jordan said Northern Data did not value the business, but was reportedly valuing it at $300 million to $500 million before bitcoin's rally. "Obviously, now is the perfect time to sell this business," he told investors.
Northern Data, whose main shareholder is stablecoin issuer Tether, is looking to free up funds to expand its artificial intelligence services business. This is a shift that many miners are exploring following an April bitcoin software update that halved its main revenue stream.
Previously, it was reported in October that Northern Data plans to sell its crypto mining unit Peak Mining.
Tether-backed Northern Data receives a takeover offer for its crypto mining unit
2024-11-28 00:09:58
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