Poolin Seeks Chapter 11 Protection, Puts Texas Mining Assets on the Block With $52M Lead Bid

Poolin Technology Pte. Ltd., once a major bitcoin mining player, has filed for Chapter 11 bankruptcy protection as it moves to sell off its remaining U.S. operations. Court papers say the Singapore-based company shut down its Texas mining sites on July 10 and is now pursuing a liquidation of those idle assets. The filing covers Lonestar Dream Inc. and Lonestar Taproot LLC, with total liabilities listed in a range of $100 million to $500 million. Chief Restructuring Officer Michael DuFrayne put estimated prepetition obligations at about $173.1 million. Customer claims make up the bulk of that figure, at roughly $163.7 million, tied to unsecured IOUs issued after Poolin halted wallet withdrawals during the 2022 crypto market crash. The Chapter 11 case was filed in New Jersey. Poolin is seeking to sell its Texas mining assets through a court-supervised process anchored by a $52 million stalking-horse bid from Thor CALAP LLC, establishing a minimum price for the auction. Under the proposed deal, $15 million is allocated to the Pyote property and related assets, with $37 million for Tarbush power rights and equipment. The company says it plans to sell the U.S. mining assets rather than attempt a traditional reorganization, and the process could draw competing bids. The properties may also be sold separately if that structure improves recoveries for creditors. Poolin's filing underscores the lingering strain from the 2022 downturn, after the company borrowed heavily against digital assets and faced mounting pressure as collateral values fell. Disclaimer: This content is provided for informational and educational purposes only and does not constitute financial advice. The publisher is not responsible for losses arising from the use of any referenced content, products, or services. Readers should exercise caution before taking any action related to the company.