Overview
- Hut 8 submitted a $140 million winning offer for Poolin’s Pyote and Tarbush sites but the sale must still be approved by the U.S. Bankruptcy Court in New Jersey at a hearing scheduled for Sept. 29.
- Poolin entered Chapter 11 in July with about $173.1 million in liabilities, most of which are unsecured IOUs owed to Poolin Wallet users after withdrawals were frozen in 2022.
- The final price nearly tripled the combined $52 million stalking-horse bids from Thor CALAP and beat competing offers including a $100.5 million bid for Tarbush and backup bids from DigiPower X.
- The acquisition fits Hut 8’s move from bitcoin mining into AI infrastructure and would add to a development pipeline of roughly 8.7 gigawatts and 949 megawatts of contracted AI capacity the company has reported.
- Buyers prize these West Texas sites for their grid connections and roughly 100 megawatts of prior power allocation, a dynamic that could speed repurposing of mining facilities, affect creditor recoveries, and shape local power planning under ERCOT rules.