{"id":50834,"date":"2021-10-07T15:37:54","date_gmt":"2021-10-07T12:37:54","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50834"},"modified":"2025-09-02T20:27:41","modified_gmt":"2025-09-02T17:27:41","slug":"northern-data-loses-about-300m-in-market-capitalisation-as-bafin-probes-its-top-management","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/northern-data-loses-about-300m-in-market-capitalisation-as-bafin-probes-its-top-management\/","title":{"rendered":"Northern Data loses about $300m in market capitalisation as BaFin probes its top management"},"content":{"rendered":"

The market capitalisation of the German mining company Northern Data fell by almost $300m following reports that the BaFin<\/span> was conducting an investigation into its top executives for alleged market manipulation.<\/p>\n

Shares in Northern Data are listed on Deutsche B\u00f6rse. On Friday, 1 October, the stock fell by more than 30%. At the time of writing, they traded near \u20ac56, having traded above \u20ac74 a week earlier.<\/p>\n

\\\"Northern
Intraday NB2\/EUR on the Xetra trading platform. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The company’s market capitalisation fell below \u20ac900m. It was valued at \u20ac1.21bn at the close of 30 September.<\/p>\n

In an interview with the Financial Times<\/a>, a BaFin spokesman confirmed that the regulator is conducting an investigation related to \u201cpotential market manipulation in the context of Northern Data,\u201d but declined to comment further.<\/p>\n

According to the publication, executives were charged after Northern Data published preliminary figures for the 2020 financial year. The firm reported a loss of \u20ac12.3m, while an operating profit of between \u20ac45-60m had been expected. Revenue amounted to \u20ac16.4m, versus forecasts of \u20ac120-140m.<\/p>\n

The company attributed the gap between forecast and outcome to its inability to realise revenue from two major customers.<\/p>\n

A spokesman for the Frankfurt prosecutors\u2019 office told the FT that a complaint has been filed against Northern Data \u2014 the charges relate to a potentially misleading press release<\/a> published by the company in November 2019.<\/p>\n

Northern Data rejected the allegations of market manipulation. The company said the complaint relates to the announcement of the acquisition of the power-provision provider for Bitcoin mining Whinstone US. The latter was bought by the mining company Riot Blockchain<\/a>.<\/p>\n

Earlier in September 2021, Northern Data entered into a deal with the mining firm Bitfield<\/a>, envisaging the purchase of at least 86% of the stake and the indirect acquisition of around 33,000 ASIC miners.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 news, prices and analytics for cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The market capitalisation of the German mining company Northern Data fell by almost $300m after reports that BaFin was investigating its top executives for alleged market manipulation.<\/p>\n","protected":false},"author":1,"featured_media":50835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1527,1137,1145],"class_list":["post-50834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bafin","tag-cryptocurrency-mining","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=50834"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50834\/revisions"}],"predecessor-version":[{"id":50836,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50834\/revisions\/50836"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/50835"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=50834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=50834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=50834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}