Hut 8 Stays Lead Bidder as Poolin Texas Assets Return to Auction
The proposed deal includes $100 million at closing and up to $80 million in milestone payments tied to future data-center development.
A New Jersey bankruptcy court has reopened bidding for Poolin’s Texas mining properties, leaving a Hut 8 affiliate as the current buyer under a transaction worth up to $180 million.
The proposed transaction includes $100 million payable at closing and up to $80 million in milestone payments tied to future data-center development. The milestone payments would cover projects involving artificial intelligence, high-performance computing, cloud computing and colocation facilities, but exclude facilities primarily intended for crypto mining.
Poolin had previously selected a $140 million transaction, but the auction was restarted following a dispute over the bidding process. Hut 8’s affiliated company remains the baseline buyer as the sale moves into a new round.
The court said the renewed bidding process is intended to maximize recoveries for creditors. Other bidders must submit offers by Oct. 1, and the public auction is scheduled for Oct. 2.
