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Hut 8 offers $140 million for Poolin’s Texas data centers

The bid, filed in bankruptcy court, is nearly triple the $52 million combined stalking horse offer and faces a Sept. 29 approval hearing.

Reported · Written up by our desk · Market Structure

Hut 8 has won the bidding for Poolin’s two Texas data center sites, Pyote and Tarbush, with a $140 million cash-and-other-consideration offer, according to a Wednesday court filing cited by The Block.

The Block reports the bid is nearly three times higher than the combined $52 million stalking horse bids of $15 million for Pyote and $37 million for Tarbush. Separate backup bids were also submitted, including $36.5 million for Pyote from DigiPower X and $100.5 million for Tarbush from Pecos Industrial Development, as a designee of AI infrastructure firm Fluidstack.

Poolin entered Chapter 11 bankruptcy after winding down mining and hosting operations at the Texas sites, and the court filings put obligations at about $173.1 million, including roughly $163.7 million in unsecured IOUs to Poolin Wallet users following withdrawals being frozen in 2022, The Block said.

The deal is subject to approval by the U.S. Bankruptcy Court for the District of New Jersey, with a sale hearing scheduled for Sept. 29. The Block also notes the acquisition would expand Hut 8’s AI data center portfolio as the former bitcoin miner targets further infrastructure capacity, including a development pipeline of about 8.7 gigawatts and 949 MW of contracted AI capacity mentioned in its August second-quarter earnings materials.

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