Hut 8 (NASDAQ: HUT) has been designated the winning bidder for two West Texas campuses formerly used by Poolin, according to filings in Poolin’s Chapter 11 cases. The proposal is valued at $140 million in cash and other consideration for the Pyote and Tarbush sites.
A New Jersey bankruptcy judge still must approve the sale before title can change hands.
The properties were built for Bitcoin mining and hosting.
Mining at the sites stopped in July as Poolin and two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, prepared a court-supervised sale.
The campuses are attractive less for leftover mining gear than for interconnection rights and power allocation in a market where grid access has become scarce.Poolin Technology Pte. Ltd. filed for Chapter 11 protection on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey.
Case records list roughly $173 million in prepetition obligations, most of it unsecured amounts tied to Poolin Wallet customers after withdrawals were halted in 2022.
The Texas assets became the centerpiece of a Section 363 sale process.
Thor CALAP LLC was approved as stalking-horse bidder at a combined $52 million: $15 million for Pyote and $37 million for Tarbush.
Other qualified bids followed.
DigiPower X submitted a $36.5 million backup offer for Pyote. Pecos Industrial Development, as designee of AI infrastructure firm Fluidstack, offered $100.5 million for Tarbush.
Hut 8’s combined bid cleared those figures by a wide margin.
Debtors later filed an amended notice of auction results identifying the winning and backup bidders, along with a supplemental declaration supporting sale approval.
A sale hearing is set for September 29, 2026.
Until the court enters a sale order, the transaction remains contingent.
The outcome reflects a broader repricing of former mining sites.
Operators that once competed mainly on hash rate now bid for land and megawatts that can support high-density compute.
Hut 8 has already shifted much of its strategy toward long-term AI data-center leases and reports a large contracted pipeline.
Adding two power-ready Texas locations would expand that platform, subject to closing, interconnection, and local regulatory review.
Texas officials have increased scrutiny of large new electrical loads, including data centers.
Any buyer will still need to navigate permitting, community impact, and grid reliability questions after a sale order is entered.
For Poolin’s estates, the higher bid improves the potential recovery available to creditors compared with the original floor price.
For Hut 8, the latest purchase is yet another attempt to lock in scarce power infrastructure before competing AI and compute users do the same.
Closing is not automatic. Backup bids remain in place if the winning transaction fails to close on the terms presented to the court. The next decisive step is the September 29 hearing in Trenton.