Hut 8 (NASDAQ: $HUT) has won a bid for bankrupt crypto miner Poolin’s two Texas data centre facilities.
Hut 8, a former Bitcoin (CRYPTO: $BTC) miner turned data centre operator, offered $140 million U.S. for Poolin’s Texas data centre operations, according to court filings.
The winning bid gives Hut 8 Poolin’s “Pyote” and “Tarbush” data centre sites. Hut 8 already operates its Beacon Point data centre campus in Texas.
Hut 8’s offer was nearly triple the $52 million U.S. opening bid for the Poolin facilities.
Other bids for the combined data centres reached as high as $137 million U.S. before Hut 8 came in with its winning offer of $140 million U.S.
Poolin filed for Chapter 11 bankruptcy protection from its creditors in July of this year after winding down its crypto mining operations in Texas.
Analysts were quick to praise the deal, saying the acquisition adds to Hut 8’s growing data centre portfolio and gives the company additional power and compute capacity.
Hut 8 has secured 949 MW of contracted artificial intelligence (A.I.) infrastructure capacity, representing an estimated $26.6 billion U.S. in expected contract value across its data centres.
HUT stock has risen 170% in the past 12 months to trade at $102.46 U.S. per share.
