Hut 8 emerged as the successful bidder for the two Texas data center facilities belonging to bankrupt cryptocurrency miner Poolin through a $140 million proposal, as outlined in a court document released on Wednesday.
This transaction, comprising cash and additional consideration, encompasses Poolin’s locations in Pyote and Tarbush. The agreement requires formal validation from the U.S. Bankruptcy Court for the District of New Jersey to reach completion, with a sale hearing planned for September 29.
The winning bid by Hut 8 nearly triples the initial stalking-horse offers totaling $52 million put forward by Thor CALAP, which proposed $15 million for the Pyote campus and $37 million for Tarbush.
Alternative backup proposals were submitted by DigiPower X, proposing $36.5 million for Pyote, alongside Pecos Industrial Development—acting on behalf of artificial intelligence infrastructure provider Fluidstack—which presented a $100.5 million offer for Tarbush.
Poolin alongside two domestic subsidiaries sought Chapter 11 bankruptcy relief in July following the cessation of mining and hosting activities at these Texas locations. Judicial documents indicated that the firm’s liabilities totaled approximately $173.1 million, which encompasses roughly $163.7 million in unsecured liabilities owed to Poolin Wallet clients subsequent to the suspension of withdrawals back in 2022.
‘Everyone wants capacity’
This prospective purchase expands Hut 8’s expanding collection of data facilities as the legacy bitcoin miner pivots further toward artificial intelligence infrastructure. In its Q2 financial results published in August, Hut 8 reported that its development pipeline had expanded to about 8.7 gigawatts, marking an increase of roughly 300 megawatts compared to the prior quarter.
Furthermore, the business has locked in 949 MW of committed AI infrastructure capacity, translating to an anticipated $26.6 billion in projected contract value distributed across its River Bend and Beacon Point locations. Earlier in the month, Hut 8 revealed that Beacon Point achieved a conditional Base Load rating via ERCOT’s Batch Zero mechanism, allowing the site to retain its requested power volume while the electrical grid manager finalizes its assessment.
“Demand is robust,” Hut 8 CEO Asher Genoot stated during the firm’s second-quarter earnings conference call. “Everyone wants capacity.”
Originally published at https://www.theblock.co/news/business/2026-09-23-hut-8-wins-bidding-poolin-texas-data-centers-140-million-offer-416190.
