The so-called stablecoin has bankrolled German bitcoin miner Northern Data’s pivot to powering AI startups with a purchase of 10,000 of Nvidia’s top of the line AI chips.
Tether's H100 deal is as messy as it is massive. The convoluted transaction will see the company buy the GPUs through Irish shell company Damoon in which Northern Data will take a 70% stake in return for shares equivalent to 20% of its ownership. The German company, which has a stock market value of $570 million , has an option to acquire the rest of the shell company, but the total cost remains unclear. The deal has not yet closed.
Thillainathan struggled to explain why Tether had purchased the chips instead of Northern Data, the structure of the deal, or how much the stablecoin company would own of his business after the deal. “So we couldn’t go straight through to Nvidia…because everything is selling off really quickly so if you are not moving fast you are not getting the chips,” he said. “At the time everyone who had money could just take the allocations of these chips.
Northern Data has a track record of using shell companies — often linked to its shareholders, to buy bitcoin mining gear and GPUs. In
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