Hut 8 has emerged as the winning bidder for two Texas data-center sites owned by the bankrupt mining company Poolin, with an offer of $140 million. The transaction is subject to approval from the U.S. Bankruptcy Court for the District of New Jersey, with a hearing scheduled for September 29.
The winning bid significantly surpasses the initial stalking-horse offer, which totaled $52 million. This earlier offer included $15 million from Thor CALAP for the Pyote campus and $37 million for the Tarbush site. Other entities that participated in the bidding process included DigiPower X and Pecos Industrial Development, representing Fluidstack.
Hut 8’s $140 million offer is contingent on bankruptcy court approval. Until this approval is finalized, the agreement is to be considered a winning bid rather than a completed purchase.
Poolin filed for Chapter 11 bankruptcy in July, reporting approximately $173 million in obligations. These liabilities included funds owed to users of Poolin Wallet following a freeze on withdrawals in 2022.
The acquisition of these Texas facilities by Hut 8, a company expanding beyond its origins as a pure Bitcoin miner into large-scale data-center and AI infrastructure, may reflect a broader market shift. There is increasing value placed on mining sites for their grid access and broader compute potential, extending beyond just Bitcoin hashing capabilities. The substantial increase from the initial auction bids to Hut 8’s final offer indicates significant competitive interest in these assets.
Why This Matters
The materials describe a narrow update: Hut 8 submitted the winning bid of $140 million for two data-center sites in Texas owned by the bankrupt mining company Poolin. Bankruptcy court approval for the sale is still required.
Broader Context
Source materials place the factual news in this context: Hut 8 has been named the winning bidder for two Poolin data-center sites in Texas with a $140 million offer.
