A U.S. bankruptcy court in New Jersey has approved the reopening of the bidding process for Poolin’s Texas bitcoin mining assets, according to TheEnergyMag. An affiliate of Hut 8 remains the stalking horse bidder, with a proposal valued at up to $180 million. That offer includes $100 million payable at closing and as much as $80 million in milestone payments tied to future data center transactions. Court filings said those additional payments are linked to development projects involving AI, high-performance computing, cloud computing, and colocation facilities, but not facilities used primarily for crypto mining. Poolin had previously selected a $140 million deal, but the auction was restarted after a bidding dispute. A public auction is scheduled for Oct. 2, while competing bidders must submit offers by Oct. 1. The court said the renewed process is intended to maximize value for creditors.
A U.S. bankruptcy court in New Jersey has approved the reopening of the bidding process for Poolin’s Texas bitcoin mining assets, according to TheEnergyMag.
An affiliate of Hut 8 remains the stalking horse bidder. Its proposed acquisition is valued at up to $180 million, including $100 million to be paid at closing and up to $80 million in milestone payments tied to future data center transactions.
Court filings said the additional payments are linked to data center development projects involving AI, high-performance computing, cloud computing, and colocation facilities. They do not cover facilities used primarily for crypto mining.
Poolin had previously selected a $140 million transaction, but the auction was restarted following a bidding dispute.
The public auction is set for Oct. 2, and other bidders must submit their offers by Oct. 1. The court said the renewed bidding process is aimed at maximizing recoveries for creditors.
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