Wild West Style Deal: Tether & Northern Data (Patreon)

TLDR:

• Tether is buying 100,000 Nvidia H100 GPUs on behalf of Northern Data, a German crypto mining firm.
• Tether is making the purchase through an Irish shell company owned by Northern Data, called Damoon.
• Northern Data was unable to purchase the chips directly from Nvidia due to the rapid rate at which the firm's chip availability is being exhausted.
• Tether will gain a 20% stake in Northern Data in return for the purchase of the GPUs.
• Northern Data has a history of purchasing hardware through shell companies and missing financial reports.
• Tether is best known for its USDT stablecoin, which has been controversial due to a lack of transparency around assets in its reserve.

The deal is unusual for a number of reasons. First, it is not clear why Tether, a stablecoin issuer, is buying GPUs on behalf of a crypto mining firm. Second, the use of an Irish shell company raises questions about transparency and accountability. Third, Northern Data's history of financial irregularities raises concerns about the risks associated with the deal. Finally, the fact that Tether is investing in a controversial company at all is likely to raise eyebrows among some observers.

Overall, the deal between Tether and Northern Data is a complex and unusual one that raises a number of questions. It will be interesting to see how the deal unfolds and whether it is ultimately successful.

TETHER END GAME IMHO:  What does TETHER WANT IN RETURN? The mined Bitcoin to generate alpha going fwd and ultimately become a Bitcoin Backed Stablecoin!

ARTICLE HERE https://cryptoslate.com/tether-acquires-20-stake-in-german-bitcoin-miner-northern-data-in-unusual-equity-deal-report/