Management Purchases Signal Confidence as Northern Data Nears Rumble Merger

Insider buying boosts Northern Data shares 8% as the firm posts a €390M loss, pivots to HPC, and nears its merger with Rumble Inc. in Q2 2026.

A wave of insider buying has provided crucial support for Northern Data shares, arresting a recent decline and injecting a note of confidence as the company approaches a pivotal merger. The stock surged approximately 8% on Monday to €10.41, a move interpreted by the market as a deliberate signal from leadership that current valuations present an attractive entry point. This stabilization follows a period of significant volatility and comes at a critical juncture in the firm's radical corporate overhaul.

The company's recently certified annual results for 2025, published on March 18, laid bare the substantial financial costs of this transformation. Northern Data reported a consolidated annual net loss of €390 million. Heavy upfront investments in building out its GPU infrastructure weighed heavily on operational performance, driving its EBIT (earnings before interest and taxes) deeply negative to -€463 million.

A single transaction provided some relief to the bottom line: the sale of the Peak Mining division, which generated a book gain of €93 million. Revenue from the company's continuing operations also told a story of strategic shift, falling year-over-year from €121 million to €80 million. This decline reflects a deliberate pivot away from legacy business segments to focus squarely on high-performance computing (HPC).

The Path to Combining with Rumble Inc.

Market attention is now almost entirely fixed on the impending merger with U.S.-based Rumble Inc. The tender offer, initially agreed upon in November, is scheduled to commence in the second quarter of 2026—imminently. The exchange ratio is set, with Northern Data shareholders slated to receive 2.0281 new Rumble shares for each of their existing Northern Data shares. Given that major shareholders, including Tether, control approximately 72% of the stock and have pledged their support, the completion of the transaction and a subsequent delisting are considered highly probable.

Operationally, the company's GPU fleet, operated by its Taiga Cloud subsidiary, is showing incremental progress:

• Utilization Rate, December 2025: 62%
• Utilization Rate, January 2026: 66%
• Target Rate by End of March 2026: 85%

A strategic emphasis on securing longer-term "Reserved" contracts is intended to enhance revenue predictability and reduce exposure to the volatility of the spot market. The final audited annual report for 2025 is also anticipated this week, which will provide the last detailed look at the company's standalone financials before its merger with Rumble reshapes the corporate landscape.