Hut 8 wins bidding for Poolin’s Texas data centers with $140 million offer

The bid was nearly three times higher than the combined stalking horse offer of $52 million for Poolin's Pyote and Tarbush sites.

By Kyle Baird • Edited by Jason Shubnell
Business•September 23, 2026, 2:01PM EDT
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Hut 8 wins bidding for Poolin’s Texas data centers with $140 million offer

Quick Take

  • The proposed sale remains subject to court approval at a Sept. 29 hearing.
  • Poolin entered bankruptcy with around $173 million in debt, mostly owed to wallet users.
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Hut 8 was revealed as the winning bidder for bankrupt crypto miner Poolin's two Texas data center sites with an offer of $140 million, according to a Wednesday court filing.

The cash-and-other-consideration bid covers Poolin's Pyote and Tarbush sites. The deal must be approved by the U.S. Bankruptcy Court for the District of New Jersey before it can be finalized. A sale hearing is scheduled for Sept. 29.

Hut 8's offer came in at nearly triple the combined $52 million in opening stalking-horse bids from Thor CALAP, which offered to pay $15 million for the Pyote campus and $37 million for Tarbush. 

Separate backup bids also came in from DigiPower X, which offered $36.5 million for Pyote, while Pecos Industrial Development, acting as a designee of AI infrastructure firm Fluidstack, floated a $100.5 million bid for Tarbush.

Poolin and two U.S. affiliates filed for Chapter 11 bankruptcy protection in July after winding down mining and hosting operations at the Texas sites. Court filings placed the company's obligations at around $173.1 million, including approximately $163.7 million in unsecured IOUs to Poolin Wallet users after it froze withdrawals in 2022.

'Everyone wants capacity'

The acquisition would add to Hut 8's growing data center portfolio as the former bitcoin miner moves deeper into AI infrastructure. Hut 8 said in its August second-quarter earnings report that its development pipeline had reached approximately 8.7 gigawatts, up by around 300 megawatts from the previous quarter.

The company has also secured 949 MW of contracted AI infrastructure capacity, representing an estimated $26.6 billion in expected contract value across its River Bend and Beacon Point campuses. Earlier this month, Hut 8 disclosed that Beacon Point received a conditional Base Load classification through ERCOT's Batch Zero process, meaning it can keep the amount of power it requested while the grid operator completes its review.

"Demand is robust," Hut 8 CEO Asher Genoot said during the company’s Q2 earnings call. "Everyone wants capacity."