Hut 8 clears Poolin’s Texas debt at nearly triple the floor price

Hut 8 emerged as the highest bidder for Poolin’s two Texas data center facilities, submitting a $140 million cash-and-other-consideration offer for the Pyote and Tarbush campuses. According to The Block, this figure sits at nearly three times the combined stalking-horse threshold established in the bankruptcy proceedings. The premium reflects a divergence in valuations: while the floor bid anchored the asset’s liquidation value, the winning bid prices in the scarcity of contracted AI power in the region.

Bondoro’s Filing Alert documented the lower benchmark. On July 22, 2026, the debtors executed separate stalking-horse asset purchase agreements with Thor CALAP LLC for the two sites, totaling $52 million in the aggregate. Other backup bids included $36.5 million for Pyote from DigiPower X and $100.5 million for Tarbush from Pecos Industrial Development, acting as a designee of Fluidstack. These bids framed the minimum acceptable recovery for creditors before Hut 8’s higher offer reshaped the exit terms.

Hut 8 CEO Asher Genoot cited the underlying driver during the company’s Q2 earnings call. "Demand is robust," Genoot said. "Everyone wants capacity." The company has secured 949 MW of contracted AI infrastructure capacity, representing an estimated $26.6 billion in expected contract value across its River Bend and Beacon Point campuses. Beacon Point recently received a conditional Base Load classification through ERCOT’s Batch Zero process, allowing it to retain requested power levels while the grid operator completes its review.

Poolin Wallet issued roughly $163.7 million in IOUs to about 11,700 holders after suspending withdrawals in September 2022, according to Filing Alert. The Block notes that affiliates filed for Chapter 11 bankruptcy in July 2026 after ending mining and hosting at the Texas sites. The Block reports court filings set total obligations at roughly $173.1 million, "including approximately $163.7 million in unsecured IOUs to Poolin Wallet users after it froze withdrawals in 2022." Meanwhile, Abbott directed the Public Utility Commission of Texas and ERCOT to audit data center projects that comprise roughly 90% of the grid operator's 474 gigawatt pipeline, per Texas Orders Data Center Audit. The Block adds that a sale hearing is scheduled for Sept. 29.