Hut 8 has emerged as the winning bidder for two Texas data center facilities previously operated by bankrupt crypto mining company Poolin, offering $140 million in cash and other consideration for the assets.
The winning bid covers Poolin’s Pyote and Tarbush sites and was disclosed in a court filing on Wednesday, September 23, according to reports citing filings in Poolin Technology Pte. Ltd.’s Chapter 11 case in the U.S. Bankruptcy Court for the District of New Jersey. The transaction cannot close until it receives approval from the U.S. Bankruptcy Court for the District of New Jersey, with the next sale hearing scheduled for September 29. The bid is the winning auction result, not a closed acquisition.
Hut 8 wins auction
The $140 million offer represents a significant increase from the opening bids set for Poolin’s Texas assets.
Thor CALAP LLC had submitted the stalking-horse bids, offering $15 million for Pyote and $37 million for Tarbush, putting the combined opening value at $52 million.
Other bidders also entered the auction. DigiPower X submitted a $36.5 million backup bid for Pyote, while Pecos Industrial Development, acting as a designee of AI infrastructure company Fluidstack, offered $100.5 million for Tarbush.
Hut 8 ultimately secured the winning position with its $140 million proposal.
The auction demonstrates the growing competition for data center assets that can provide access to power and infrastructure, particularly as demand for AI computing capacity expands.
Poolin’s bankruptcy
The auction follows Poolin’s Chapter 11 bankruptcy filing in July. Poolin Technology and two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, filed on July 22, 2026, after mining and hosting at the Texas sites stopped around July 10.
Poolin and two U.S. affiliates sought bankruptcy protection after shutting down mining and hosting operations at the Texas facilities. Court filings put the company’s total obligations at approximately $173.1 million.
A substantial portion of that amount consisted of unsecured obligations to Poolin Wallet users. Court records cited approximately $163.7 million in unsecured IOUs following the company’s decision to freeze wallet withdrawals in 2022.
The Texas facilities subsequently became part of the bankruptcy estate and were offered for sale through a court-supervised auction process.
Hut 8 expands data center
The acquisition comes as Hut 8 continues to expand beyond its traditional bitcoin mining business and build out infrastructure for AI and other high-performance computing workloads. If the court approves the sale, the Pyote and Tarbush sites would be added to that portfolio.
The company reported an approximately 8.7-gigawatt development pipeline in its second-quarter results. It has also secured 949 megawatts of contracted AI infrastructure capacity, according to its recent disclosures.
The move reflects a broader shift among crypto mining companies toward data center infrastructure, where existing power connections and suitable sites can potentially be used for AI-related computing.
Hut 8 CEO Asher Genoot highlighted the strong demand for infrastructure capacity during the company’s second-quarter earnings call, saying, “Demand is robust. Everyone wants capacity.”
Court approval is the next step
Despite winning the auction, Hut 8 has not yet completed the acquisition.
The proposed transaction must first receive approval from the U.S. Bankruptcy Court for the District of New Jersey. The court is scheduled to consider the sale at a hearing on September 29.
If approved, Hut 8 would add the Pyote and Tarbush facilities to its growing infrastructure portfolio as the company continues developing its presence in AI and high-performance computing.
The court decision will determine whether the $140 million transaction can proceed to closing.
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