Hut 8 has emerged as the winning bidder for two Texas data center sites formerly operated by bankrupt crypto miner Poolin. The company offered $140 million in cash and other consideration for the Pyote and Tarbush facilities.
However, the transaction still requires approval from the U.S. Bankruptcy Court for the District of New Jersey. The court has scheduled a sale hearing for Sept. 29.
Hut 8 Expands Texas Infrastructure
The offer significantly exceeds the initial $52 million stalking-horse bids for both properties. Thor CALAP had offered $15 million for Pyote and $37 million for Tarbush.
Additionally, DigiPower X submitted a $36.5 million backup bid for Pyote. Pecos Industrial Development also proposed $100.5 million for Tarbush.
Consequently, Hut 8 now stands to add more infrastructure to its expanding data center portfolio. The company has increasingly shifted its focus toward artificial intelligence infrastructure.
Poolins Bankruptcy Adds Context
Poolin and two U.S. affiliates sought Chapter 11 protection in July after ending operations at the Texas sites. Court filings showed roughly $173.1 million in obligations.
Around $163.7 million involved unsecured claims from Poolin Wallet users. The company froze withdrawals in 2022, creating substantial liabilities.
Moreover, Hut 8 reported an 8.7-gigawatt development pipeline during its second-quarter results. It also secured 949 megawatts of contracted AI infrastructure capacity. Hence, the Poolin acquisition could further strengthen its expansion strategy.