Hut 8 wins bidding for Poolin's Texas data centers with $140 million offer
Hut 8 wins $140 million bid for Poolin's Texas data centers
Hut 8, a company that previously mined bitcoin, has been named the winning bidder for two Texas data centers owned by bankrupt crypto miner Poolin. The winning offer is $140 million, according to a court filing published on Wednesday, September 23, 2026.
The bid covers Poolin's Pyote and Tarbush sites. The sale is not final yet. It must be approved by the U.S. Bankruptcy Court for the District of New Jersey. A hearing is set for September 29.
Key numbers from the bidding process
- Hut 8's bid of $140 million is nearly three times higher than the combined opening offer of $52 million from Thor CALAP, which had bid $15 million for Pyote and $37 million for Tarbush.
- Other backup bids came from DigiPower X, which offered $36.5 million for Pyote, and Pecos Industrial Development (acting for AI infrastructure firm Fluidstack), which offered $100.5 million for Tarbush.
Background on Poolin's bankruptcy
Poolin and two U.S. affiliates filed for Chapter 11 bankruptcy protection in July. The company had wound down mining and hosting operations at the Texas sites. Court filings show Poolin's obligations at around $173.1 million, including about $163.7 million in unsecured IOUs to Poolin Wallet users after it froze withdrawals in 2022.
Why Hut 8 wants the sites
Hut 8 is moving further into AI infrastructure. In its second-quarter earnings report, the company said its development pipeline had reached about 8.7 gigawatts, up roughly 300 megawatts from the previous quarter. Hut 8 has also secured 949 MW of contracted AI infrastructure capacity, with an estimated $26.6 billion in expected contract value across its River Bend and Beacon Point campuses. Earlier in September, Hut 8 said Beacon Point received a conditional Base Load classification through ERCOT's review process.
Hut 8 CEO Asher Genoot said during the company's Q2 earnings call: "Demand is robust. Everyone wants capacity."
What happens next
The sale still needs approval from the bankruptcy court. The hearing is scheduled for September 29.
Sources
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