Hut 8 has emerged as the winning bidder for two Texas data-center sites owned by bankrupt crypto mining company Poolin, offering $140 million for the Pyote and Tarbush locations. The proposed deal, which was reached through a bankruptcy auction, would give Hut 8 control of infrastructure that may be useful for more than just Bitcoin mining.

The result marks a sharp increase from the opening bids that set the floor for the sale process. Even so, the transaction is not yet complete and still requires court approval before it can close.

Auction price rose far above the starting bids

The sale process began with stalking-horse bids totaling $52 million. Thor CALAP had offered $15 million for the Pyote campus and $37 million for the Tarbush site, establishing the initial benchmark for the auction.

Bidding then moved substantially higher. According to the reported outcome, Hut 8 finished on top with an offer worth $140 million in cash and other consideration, nearly tripling the combined opening level for the two properties.

Other bidders also competed for the sites

The auction drew additional interest beyond the initial stalking-horse offers. Other participants included DigiPower X and Pecos Industrial Development, which was acting as a designee of AI infrastructure company Fluidstack.

That competitive field helped push the value of the assets well above the original price floor, underscoring demand for sites with established infrastructure and power access.

Poolin is selling the assets through Chapter 11

The assets are being sold as part of Poolin’s Chapter 11 bankruptcy process. The company entered bankruptcy in July with roughly $173 million of obligations, much of that linked to IOUs owed to users of Poolin Wallet after withdrawals were frozen in 2022.

Those liabilities form the backdrop to the court-supervised sale of the Texas facilities, which are among the company’s notable infrastructure holdings.

Court approval is still required

Although Hut 8 won the auction, the acquisition has not yet closed. The proposed sale still must be approved by the U.S. Bankruptcy Court for the District of New Jersey.

A hearing on the matter is scheduled for September 29. Until the court signs off, the outcome should be viewed as a winning bid rather than a completed purchase.

Why the sites may matter beyond mining

For Hut 8, the appeal appears to fit its broader move beyond operating solely as a Bitcoin miner. The company has been expanding further into large-scale data-center and AI infrastructure, where access to power has become an especially valuable part of the business.

The final auction result suggests buyers may be valuing facilities like Pyote and Tarbush for their grid access and wider computing potential, not only for the amount of Bitcoin mining equipment they can support. The next confirmed step is the September 29 court hearing that will determine whether the sale can proceed.

Source: www.newsbtc.com