Stablecoin company Tether has reportedly entered a $420 million deal involving artificial intelligence chips and an overseas Bitcoin crypto mining firm. According to Forbes, Tether has purchased 100,000 Nvidia H100 GPUs on behalf of German crypto mining firm Northern Data. The GPUs will be used to provide cloud access to AI startups, and in exchange, Tether will gain a 20% stake in Northern Data. The deal was made through an Irish shell company owned by Northern Data.
It is worth noting that Northern Data will take a 70% stake in the Irish shell company, with the possibility of acquiring the rest. The CEO of Northern Data explained that they had to make the purchase through Tether because of the limited availability of Nvidia chips. Forbes also highlighted controversies surrounding Northern Data, including past purchases made through shell companies and issues with financial reporting. Tether is best known for its USDT stablecoin, which has faced controversies regarding the transparency of its assets in reserve. Tether recently expanded its investments into crypto mining.
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