Tether-Backed Northern Data Plans Sale of Crypto Mining Unit (1)

Northern Data AG is examining a possible sale of its crypto mining business to free up funds for expanding its artificial-intelligence operations.

The Frankfurt-listed company, whose main shareholder is stablecoin issuer Tether Holdings Ltd., would use proceeds from the sale of Peak Mining to focus on its AI solutions unit, it said in a statement Monday. Shares of Northern Data jumped as much as 12% on the news, and were up 9.8% as of 12:06 p.m. in Frankfurt.

Pulling off a divestment partially depends on the “current dynamic market environment” for cryptocurrencies, the company said. The price of ...