A U.S. bankruptcy court in New Jersey has approved the reopening of bidding for Poolin’s Texas bitcoin mining assets, putting the sale back into an auction process after disputes emerged over a proposal from Hut 8 (NASDAQ: HUT).
Under a Sept. 30 court order, a public auction will be held at 10 a.m. Eastern Time on Oct. 2. Other bidders must submit their offers by noon on Oct. 1.
Hut 8 affiliate remains the stalking-horse buyer
An affiliate of Hut 8 remains the stalking-horse buyer in the process. Its agreement carries a total potential value of up to $180 million, including $100 million in cash payable at closing and as much as $80 million in milestone payments tied to future data center transactions.
Poolin had previously selected a $140 million transaction in September. Court filings said Hut 8’s proposal includes potential added value related to data center development.
Milestone payments tied to data center activity
The milestone payments are linked to qualifying data center leases and to data center developments that use the acquired power resources. The filings said those developments could involve AI, high-performance computing, cloud computing and colocation facilities, but not facilities used primarily for crypto mining.
Earlier auction saw Thor CALAP top Hut 8 on price
The dispute stems from an auction held on Sept. 10. In that process, Thor CALAP submitted a $180 million bid, ahead of Hut 8’s $179 million offer. After follow-on negotiations failed to produce an agreement, Poolin shifted to Hut 8’s proposal and said it offered greater deal certainty.
The court said reopening the bidding process reflects Poolin’s business judgment to maximize value for creditors. It also found that Hut 8 and its affiliates acted in good faith during the earlier bidding process.
If another buyer ultimately completes the transaction, Hut 8 will receive a $3 million breakup fee and $250,000 in expense reimbursement.
Poolin’s Chapter 11 filing and debt load
Poolin and its U.S. affiliates filed for Chapter 11 bankruptcy protection on July 22, 2026. The filing said the company had about $173.1 million in prepetition debt, including roughly $163.7 million in unsecured obligations issued to wallet users after withdrawals were suspended in 2022.
The court’s latest order did not determine creditors’ final recovery rate.