Hut 8's acquisition of Poolin's Texas Bitcoin mining facility assets reopens bidding, valued at up to $180 million

PANews reported on October 1, citing TheEnergyMag, that the U.S. Bankruptcy Court for the District of New Jersey has approved reopening the bidding process for Poolin's Texas Bitcoin mining facility assets. An affiliate of Hut 8 remains the stalking horse bidder, with an acquisition proposal valued at up to $180 million, including $100 million payable at closing and up to $80 million in milestone payments tied to future data center transactions.

Court documents show that the additional payments will be linked to data center development projects such as AI, high-performance computing, cloud computing and colocation facilities, but exclude facilities primarily used for crypto mining. Poolin had previously selected a $140 million transaction proposal, but the auction was restarted due to bidding disputes.

The public auction will be held on October 2, and other bidders must submit bids by October 1. The court stated that reopening the bidding is intended to maximize creditor interests.