Hut 8 Back in the Lead as Court Reopens Auction for Poolin's $180M Texas Bitcoin Mining Assets
AI Market Summary
A U.S. bankruptcy court approved reopening the auction for Poolin's Texas mining assets, with Hut 8's affiliate still the stalking-horse bidder at up to $180M (including milestone payments tied to non-mining data center projects such as AI/HPC). The reset from a prior $140M selection introduces deal-timing and pricing uncertainty while signaling creditor-driven value maximization. Near-term focus is on competitive bids ahead of the October 2 auction.
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The U.S. Bankruptcy Court for the District of New Jersey has authorized a reopening of the auction process for Poolin's Texas bitcoin mining facility assets, according to TheEnergyMag as cited by Huo Xing Cai Jing.
Court filings show Hut 8's affiliated entity will remain the stalking horse bidder, with a proposal valued at up to $180 million. The offer includes $100 million due at closing and as much as $80 million in milestone payments tied to future data center transactions.
The documents indicate the milestone component would be linked to data center development projects involving AI, high-performance computing, cloud computing and hosting/colocation facilities, and would exclude facilities primarily used for cryptocurrency mining.
Poolin had previously selected a $140 million bid, but the process was restarted following disputes over bidding. A public auction is scheduled for Oct. 2, with competing bidders required to submit offers by Oct. 1. The court said the reopened bidding is intended to maximize value for creditors.
