Hut 8 Wins $140 Million Bid for Two Poolin Data Centers in Texas

Hut 8 has been named the winning bidder for two Texas data-center sites owned by bankrupt cryptocurrency mining company Poolin, offering $140 million in cash and other consideration. The bid is nearly three times the combined $52 million stalking-horse offer that launched the bankruptcy auction. The transaction still requires approval from the U.S. Bankruptcy Court for the District of New Jersey.

Auction Bids Rose Sharply

The winning bid covers Poolin’s Pyote and Tarbush facilities in Texas. The auction began with stalking-horse bids totaling $52 million: Thor CALAP offered $15 million for the Pyote campus and $37 million for Tarbush.

Competition drove the final offer substantially higher. Other bidders included DigiPower X and Pecos Industrial Development, which participated as a designee of artificial-intelligence infrastructure company Fluidstack.

Hut 8 ultimately secured the top bid at $140 million, marking a significant increase from the initial offers.

Bankruptcy-Court Approval Remains Pending

Hut 8’s successful auction bid does not mean the acquisition has closed. The proposed sale remains subject to approval by the U.S. Bankruptcy Court for the District of New Jersey at a hearing scheduled for September 29.

Until the court approves the transaction and the remaining closing conditions are satisfied, Hut 8 should be considered the winning bidder rather than the completed owner of the facilities.

Data Centers Could Support More Than Bitcoin Mining

Poolin entered Chapter 11 bankruptcy in July with approximately $173 million in obligations. A significant portion of that debt was linked to IOUs owed to Poolin Wallet users after withdrawals were suspended in 2022.

For Hut 8, the Texas sites could support its broader strategy of expanding beyond traditional Bitcoin mining. The company has increasingly focused on large-scale data-center and artificial-intelligence infrastructure, where reliable electricity and grid access are key assets.

The auction’s outcome also highlights the potential value of cryptocurrency mining facilities beyond their current use. The increase from a combined $52 million opening bid to a $140 million winning offer suggests that buyers may be placing greater importance on the sites’ power capacity, location and potential to support broader computing operations.