Hut 8 has emerged as the winning bidder for two Texas data-center sites owned by bankrupt mining company Poolin, with an offer of $140 million in cash and other consideration. The bid covers Poolin's Pyote and Tarbush locations.
The bankruptcy auction began with combined stalking-horse bids of $52 million. Thor CALAP had offered $15 million for the Pyote campus and $37 million for Tarbush. Other bidders in the competitive process included DigiPower X and Pecos Industrial Development, which was acting as a designee of AI infrastructure company Fluidstack.
Hut 8's winning bid of $140 million represents nearly triple the opening offer amount. The final price reflects broader market interest in data-center assets beyond traditional bitcoin mining applications.
Bankruptcy Process and Timeline
Poolin entered Chapter 11 bankruptcy in July with roughly $173 million in obligations, much of it tied to IOUs owed to users of Poolin Wallet after withdrawals were frozen in 2022.
The proposed sale still requires approval from the U.S. Bankruptcy Court for the District of New Jersey, with a hearing scheduled for September 29. Until that approval is granted, the transaction should be treated as a winning bid rather than a closed purchase.
Strategic Value
For Hut 8, the acquisition represents an expansion beyond its origins as a pure bitcoin miner and into large-scale data-center and AI infrastructure. Power access has become one of the most valuable assets in that market, giving Poolin's Texas sites potential value that extends well beyond bitcoin mining operations.
