Hut 8 was reported as the winning bidder for Poolin’s Pyote and Tarbush Texas sites at $140 million, but the transaction is not final yet. In Poolin Technology PTE. LTD’s Chapter 11 case, No. 3:26-bk-18325 in the U.S. Bankruptcy Court for the District of New Jersey, the confirmed next step is a sale hearing scheduled for 2026/09/29 at 11:00 a.m. EDT. That means the headline bid still sits inside a court-supervised sale process rather than a closed acquisition.

Hut 8’s reported bid still needs court approval

No, Hut 8 has not definitively closed the Poolin deal yet. The reported outcome is that Hut 8 emerged as the winning bidder for the Pyote and Tarbush assets, but the court record confirms only that Poolin’s Chapter 11 sale process remains active and that the sale hearing is set for 2026/09/29.

PACER Monitor’s docket index for the case also shows the hearing was adjourned from 2026/09/22 to 2026/09/29, with a notice of auction results due before the hearing and sale-support filings due the next day. That sequence matters because a winning bid in bankruptcy is not the same thing as a final transfer. The next legal checkpoint is court approval, which is why the most accurate status is pending rather than done.

Why the reported price still leaves key sale terms unresolved

The $140 million report does not settle the underlying sale terms because the available record points to different stages of the same process. The court docket ties the transaction to a motion seeking approval of bidding procedures, authorization to designate a stalking-horse bidder, an auction, and a hearing to approve the sale.

That framework helps explain why some secondary bankruptcy summaries describe separate Thor CALAP agreements totaling $52 million, with $15 million for Pyote and $37 million for Tarbush, while the current report names Hut 8 at $140 million. Those accounts may fit together if the earlier figure was a stalking-horse floor and the Hut 8 figure reflects a later auction result. But the public materials cited here do not yet resolve whether the two price points cover the same asset package, whether the later number includes non-cash consideration, or whether equipment, power rights, and site interests were bundled differently. So the main takeaway is not that one number cancels the other, but that the sale sequence is incomplete until the court process produces final approved terms.

What the Poolin sale could mean for creditors

It is too early to translate the reported bid into recoveries for Poolin creditors or wallet users. The original report says Poolin and two U.S. affiliates entered Chapter 11 with about $173.1 million in debt, including roughly $163.7 million in unsecured debt tied to Poolin Wallet users after frozen withdrawals in 2022.

Secondary bankruptcy summaries add that the Texas sites had already stopped mining and hosting operations on 2026/07/10, which suggests the estate was selling distressed infrastructure rather than preserving an operating mining business. That distinction matters because gross sale value is not the same as distributable value. Fees, administrative costs, claim priority, and the eventual liquidating plan can all change what unsecured creditors ultimately receive. Hut 8’s broader public strategy around power and digital infrastructure gives some context for why Texas power-linked assets could attract interest, but the immediate issue for stakeholders remains simpler: whether the court approves the sale and what the approved terms actually say. One account. All markets.