Hut 8 Restarts Bid for Poolin's Texas Bitcoin Mining Assets, Valued Up to $180 Million

The U.S. Bankruptcy Court in New Jersey has approved the reopening of the bidding process for Poolin's Texas Bitcoin mining assets. A subsidiary of Hut 8 is the baseline buyer, with a total acquisition proposal valued at up to $180 million, which includes $100 million payable at closing and up to $80 million in milestone payments related to future data center transactions. Court documents indicate that additional payments will be tied to data center development projects involving AI, high-performance computing, cloud computing, and hosting facilities, but will not include facilities primarily used for cryptocurrency mining. Previously, Poolin had selected a $140 million transaction proposal, but the auction was restarted due to bidding disputes. The public auction is set to take place on October 2, with other bidders required to submit their offers by October 1. The court stated that the rebidding aims to maximize creditor interests.

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