This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
桲 combines 木 (tree/wood) with 孛, which likely contributes a phonetic element. The exact historical development is uncertain.
The left side is a tree 木, and the right side 孛 looks like a child 子 under a cover 冖 with a cross 十 on top. Picture a rare wooden tool used for threshing grain, but its exact use is unclear.
For ホツ, imagine a wooden tool making a sharp 'hots' sound as it strikes grain: hots -> ホツ.