Tether: Forbes report is wrong about Damoon’s shareholding ratio in investing in Northern Data

Odaily Planet Daily News Tether issued a statement stating that regarding Tether’s Damoon strategic investment in Northern Data, the Forbes report contained incorrect information regarding the size of Tether’s shares in this investment. Tether also added that it is important to note that these investments are separate from Tether’s reserves disclosed in the Comprehensive Reserve Report (CRR), ensuring that they do not affect Tether’s reserves or customer funds. According to Forbes, Tether is purchasing 10,000 Nvidia H100 GPUs for $420 million and acquiring a 20% stake in the Bitcoin mining company Northern Data through the transaction. Northern Data plans to lease these GPUs to artificial intelligence startups. Northern Data CEO Aroosh Thillainathan said the deal has the potential to make Northern Data the largest cloud GPU operator in Europe after major cloud computing giants such as Amazon, Microsoft Azure and Oracle. Forbes reports that the complex deal will see Tether purchase GPUs through Irish shell company Damoon, with Northern Data receiving 70% of the company in exchange for shares equivalent to its 20% ownership. Northern Data, whose shares have a market value of $570 million, has the right to acquire the remainder of Damoon, but the total cost is unclear. The deal has not yet been completed.