TLDR
- Hut 8 won the bankruptcy auction for Poolin’s two Texas data center sites with a $140 million bid.
- The offer beat the combined $52 million stalking-horse bids from Thor CALAP.
- A New Jersey bankruptcy court still needs to approve the sale at a hearing set for September 29.
- Poolin filed for Chapter 11 in July with about $173 million in debt, mostly owed to wallet users.
- UBS initiated coverage on Hut 8 this week with a Buy rating and a $143 price target.
Hut 8 has come out on top in the bankruptcy auction for two Texas data center sites once run by crypto miner Poolin. The winning bid came in at $140 million in cash and other consideration.
That number is nearly three times higher than the opening offers. Thor CALAP had set the stalking-horse bids at $15 million for the Pyote site and $37 million for Tarbush, adding up to $52 million combined.
Other bidders showed up too. DigiPower X offered $36.5 million for Pyote, and Pecos Industrial Development, a designee for AI infrastructure firm Fluidstack, put in $100.5 million for Tarbush.
Hut 8’s offer topped them all. The deal isn’t done yet though.
Court Approval Still Needed
The sale has to clear the U.S. Bankruptcy Court for the District of New Jersey before anything closes. A hearing is scheduled for September 29 to decide whether it goes through.
Poolin filed for Chapter 11 protection back in July, along with two U.S. affiliates. Mining and hosting work at the Texas sites had already stopped around July 10.
Court filings show the company owed roughly $173.1 million total. Most of that, about $163.7 million, was unsecured IOUs to Poolin Wallet users after withdrawals got frozen in 2022.
The Pyote and Tarbush facilities ended up in the bankruptcy estate and went through a court-supervised sale process to recover value for creditors.
Hut 8’s AI Push
This isn’t a random purchase for Hut 8. The company has been shifting away from pure bitcoin mining and into AI infrastructure for a while now.
If the deal gets approved, Hut 8 would add over 1 gigawatt of AI-capable capacity to its portfolio. That’s a chunky addition for a company already building fast.
Hut 8’s development pipeline sat at approximately 8.7 gigawatts as of its Q2 report, up about 300 megawatts from the prior quarter. It has also locked down 949 megawatts of contracted AI infrastructure capacity, worth an estimated $26.6 billion in contract value across its River Bend and Beacon Point campuses.
Beacon Point recently got a conditional Base Load classification from ERCOT, meaning it keeps its requested power allocation while the grid operator finishes its review.
CEO Asher Genoot summed up the demand picture on the Q2 earnings call. “Demand is robust,” he said. “Everyone wants capacity.”
Wall Street seems to be paying attention too. UBS analyst Ryan Gravett initiated coverage on Hut 8 this week with a Buy rating and a $143 price target.
Gravett pointed to Hut 8’s leased portfolio, which combines solid economics with high credit quality tenants. He also flagged lower exposure to delivery penalties and construction cost overruns compared to peers.
The analyst listed a few upcoming catalysts to watch. Those include final Base Load designation at Beacon Point, initial energization there, progress on capacity deliveries, and new lease announcements.
For now, the Poolin auction result stands as the winning bid, not a finished acquisition. The court’s September 29 hearing will determine whether Hut 8 actually gets to add the Pyote and Tarbush sites to its growing data center footprint.
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