Jim Chanos skeptical of economics around AI data centers (1:44)

Hut 8 has emerged as the winning bidder for two Texas data centers owned by bankrupt Bitcoin mining pool Poolin, offering $140 million for the facilities.

The Sept. 23 bid was roughly 2.7 times the properties’ combined minimum price of $52 million. Poolin had put the sites up for sale after filing for Chapter 11 bankruptcy protection in July.

The acquisition would add more infrastructure to Hut 8, which has increasingly expanded beyond Bitcoin mining into large-scale power and data center operations.

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From mining giant to bankruptcy

Poolin was once one of the world’s largest Bitcoin mining pools, controlling roughly 18% to 20% of Bitcoin’s global hashrate in 2019. 

A mining pool combines computing power from multiple miners and distributes rewards based on their contribution.

Its troubles became public in 2022, when users began reporting withdrawal delays during the crypto market downturn. Co-founder Kevin Pan said at the time that Poolin was “facing liquidity problems.”

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Poolin Wallet later suspended withdrawals and issued about $163.7 million in IOU tokens to roughly 11,700 customers. The company eventually filed for bankruptcy on July 22, 2026, with about $173 million in debt.

The asset purchase comes as Hut 8 builds a much larger data center business. In its Aug. 4 second-quarter report, the company said revenue rose to $74.9 million, from $41.3 million a year earlier. 

Hut 8’s Beacon Point campus in Nueces County, Texas, is also at the center of Anthropic’s $35 billion computing deal with Nvidia-backed Lambda, according to Bloomberg. Nvidia reportedly holds the lease on the site, though Hut 8 has not publicly named its tenant.

That follows a 15-year, $7 billion lease with Fluidstack and a separate 15-year, $9.8 billion lease for 352 megawatts at its Beacon Point campus.

At the time of writing, Hut 8 shares traded near $101.17, down about 1.3% on the day but up roughly 26% over the past month.

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