Bitcoin Miner Poolin Files Bankruptcy and Seeks $52M Texas Sale

Singapore based Bitcoin miner Poolin and its US affiliates have filed for Chapter 11 bankruptcy protection in New Jersey. Court records show the company listed up to 25,000 creditors alongside $173.1 million in prepetition obligations. The bulk of these debts, roughly $163.7 million, consists of unsecured IOU tokens issued to wallet customers after the platform froze withdrawals back in 2022.

The current restructuring focuses on selling off Texas mining properties rather than reviving operations. Lonestar Dream stopped mining activities at its Pyote and Tarbush sites in July. Poolin has already entered asset purchase agreements with Thor CALAP LLC for a combined $52 million stalking horse bid, which includes $15 million for the Pyote property and $37 million for Tarbush power rights and equipment. This deal remains open to competing bids and final court approval.

Poolin previously relocated operations to the United States after China banned mining in 2021. The firm faced severe hurdles when only 100 megawatts of power became available out of the expected 600 megawatts, leading to millions in operational losses and equipment selloffs. Creditors will now look to the court supervised auction and liquidation plan to determine final recovery amounts.