Hut 8 Wins Auction for Pyote and Tarbush Data Center Assets, Pending Court Approval
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Hut 8 submitted the highest bid—$140 million in cash or other assets—for the Pyote and Tarbush data center facilities in Texas. The proposed acquisition remains subject to approval by the U.S. Bankruptcy Court for the District of New Jersey, with a hearing scheduled for September 29.
- Hut 8’s $140 million proposal for Pyote and Tarbush remains subject to bankruptcy-court approval.
- The offer exceeded the disclosed competing bids for the two Texas sites.
- Poolin and two U.S. subsidiaries ceased operations at the facilities after filing for bankruptcy in July.
- No capacity, power-supply, technical-condition or readiness data have been disclosed for Pyote or Tarbush.
- Hut 8’s previously reported 8.7 GW development project and 949 MW of contracted AI infrastructure are not capacity figures for the acquired sites.
Hut 8 has won the auction to acquire the Pyote and Tarbush data center assets in Texas with a $140 million offer payable in cash or other assets. The transaction is not complete: it requires approval from the U.S. Bankruptcy Court for the District of New Jersey, which is scheduled to hear the matter on September 29.
The sites were previously operated by Poolin and two of its U.S. subsidiaries, which filed for bankruptcy in July and ceased operations at the Texas facilities. Hut 8’s proposal exceeded the bids disclosed for the individual sites. Thor CALAP offered $15 million for Pyote and $37 million for Tarbush; DigiPower X bid $36.5 million for Pyote; and Pecos Industrial Development offered $100.5 million for Tarbush.
The auction provides a reference point for the value of distressed data center assets formerly used in crypto-mining operations. Subject to court approval, the acquisition could become an example of infrastructure consolidation involving bankrupt operators’ facilities. The competing offers suggest continued interest in established data center sites that may be adaptable to AI workloads, but the available information does not establish the capacity, power availability, technical specifications, readiness status, or terms of future use for either Pyote or Tarbush.
Hut 8 has previously reported an infrastructure development project with 8.7 GW of total project capacity and contracts for 949 MW of AI infrastructure capacity. Those figures relate to the company’s previously reported development and contracted infrastructure portfolio, not to the Pyote and Tarbush assets, and should not be treated as capacity figures for the proposed acquisition.
Poolin’s court filings reportedly showed approximately $173.1 million in liabilities, including approximately $163.7 million in unsecured claims from Poolin Wallet users.
If approved, the transaction could illustrate consolidation of distressed mining-data-center assets by a larger infrastructure owner with reported AI infrastructure ambitions. Competing bids also point to continued demand for existing data center sites, although the facilities’ capacity, power supply, technical condition and future-use requirements have not been disclosed.
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