# Hut 8’s Poolin Texas Bitcoin Assets Return to Auction at $180 Million By John Kim Canonical URL: https://www.tokenpost.com/news/business/26039 Published: 2026-10-01T02:45:06.000Z Updated: 2026-10-01T02:45:06.000Z Section: Business > A New Jersey bankruptcy court reopened bidding after negotiations failed, with Hut 8’s affiliate retaining stalking-horse status and a public auction set for Oct. 2. Hut 8’s proposed purchase of Poolin’s Texas Bitcoin mining assets is returning to auction, with total consideration potentially reaching $180 million after negotiations over the sale failed. A New Jersey bankruptcy court approved renewed bidding in a Sept. 30 order. Competing bidders must submit offers by noon ET on Oct. 1, and the public auction is scheduled for 10 a.m. ET on Oct. 2. A Hut 8-affiliated company will remain the stalking-horse bidder, setting the baseline for competing offers. Its agreement provides for $100 million in cash at closing and up to $80 million in milestone payments tied to future data-center transactions. The milestone payments would depend on qualifying data-center leases and projects that use the acquired power resources. Eligible projects include artificial intelligence, high-performance computing, cloud computing and colocation facilities, while facilities primarily used for cryptocurrency mining are excluded. Poolin selected a $140 million transaction in September. At an earlier auction on Sept. 10, Thor CALAP submitted a leading $180 million offer, while Hut 8 bid $179 million. After negotiations failed to reach an agreement, Poolin moved forward with Hut 8’s proposal, citing greater transaction certainty. The court determined that reopening the bidding was consistent with Poolin’s business judgment to maximize creditors’ interests. It also found that Hut 8 and its affiliates acted in good faith during the earlier bidding process. If another buyer completes the transaction, Hut 8 would receive a $3 million break-up fee and $250,000 in expense reimbursement. Poolin and its U.S. affiliates filed for Chapter 11 bankruptcy protection on July 22. Their filings listed approximately $173.1 million in pre-bankruptcy debt, including about $163.7 million owed to wallet users after withdrawals were suspended in 2022. The court order did not determine creditors’ final recovery percentage. The auction follows Hut 8’s earlier $140 million bid for [two Poolin Texas data centers](), a transaction that still required bankruptcy court approval at the time. ## Links in this article - [two Poolin Texas data centers](https://www.tokenpost.com/news/business/23472)