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Tether-backed Northern Data receives acquisition offer for its crypto mining unit


2024-11-289044 Views
Northern Data AG is close to reaching a deal to sell its cryptocurrency mining business, hoping to take advantage of the rise in Bitcoin in November. Elliot Jordan, CFO of Northern Data, said the company has hired bankers and invited bidders to submit bids, and is currently reviewing proposals. Jordan said in a speech at a German equity forum on Wednesday: "The most appropriate way to describe it is 'in progress', and we are receiving proposals from various different aspects, and progress is smooth." Jordan said that Northern Data did not value the business, but according to reports, the valuation before the Bitcoin rally was $300 million to $500 million. He told investors: "Obviously, now is the best time to sell this business."




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