Hut 8 has been named the winning bidder for two Texas data centre sites owned by bankrupt cryptocurrency mining company Poolin, after submitting an offer worth $140m.
The proposed purchase covers Poolin’s facilities at Pyote and Tarbush and includes cash alongside other forms of consideration. It remains subject to approval from the U.S. Bankruptcy Court for the District of New Jersey, with a sale hearing scheduled for 29 September.
Hut 8’s bid is almost three times higher than the combined $52m value of the opening stalking-horse offers. Thor CALAP had offered $15m for the Pyote campus and $37m for the Tarbush site.
There were also separate backup proposals for each location. DigiPower X submitted a $36.5m offer for Pyote, while Pecos Industrial Development, acting on behalf of AI infrastructure company Fluidstack, proposed $100.5m for Tarbush.
Poolin, along with two United States affiliates, sought Chapter 11 bankruptcy protection in July after ending its mining and hosting operations at the two Texas sites. Court documents estimated the company’s liabilities at about $173.1m.
That figure includes approximately $163.7m in unsecured IOUs owed to Poolin Wallet users. The debts followed the company’s decision to freeze withdrawals in 2022.
Hut 8 expands AI infrastructure plans
The acquisition would increase Hut 8’s data centre portfolio as the company shifts its focus beyond its origins as a bitcoin miner and moves further into artificial intelligence infrastructure.
In its second-quarter earnings report, published in August, Hut 8 said its development pipeline had grown to approximately 8.7 gigawatts. That was an increase of about 300 megawatts from the previous quarter.
The company has also secured 949 MW of contracted AI infrastructure capacity. Hut 8 estimates that the agreements represent $26.6bn in expected contract value across its River Bend and Beacon Point campuses.
Earlier this month, Hut 8 said Beacon Point had received conditional Base Load classification through ERCOT’s Batch Zero process. The designation allows the site to retain the amount of power it requested while the grid operator continues its review.
Speaking during Hut 8’s second-quarter earnings call, chief executive Asher Genoot said demand for capacity remained strong.
“Demand is robust,” he said. “Everyone wants capacity.”
