Bitcoin Miner Poolin Files Bankruptcy, Seeks $52M Texas Asset Sale
Around $167 million of Poolin's debt comes from IOUs issued after customer withdrawals were frozen during 2022's market crash.
Singapore-based Bitcoin mining company Poolin on July 22 filed for Chapter 11 bankruptcy protection in New Jersey, alongside its US affiliates Lonestar Dream Inc. and Lonestar Taproot LLC. The firm is also looking for court approval for a $52 million sale of its Texas mining properties.
The bankruptcy filing comes nearly four years after Poolin froze customer withdrawals, leaving thousands of wallet users with IOU tokens and turning a mining business failure into a long-running creditor dispute. Poolin Enters Chapter 11 With $173 Million in Liabilities Court records filed in the US Bankruptcy Court for the District of New Jersey show Poolin listed between 10,001 and 25,000 creditors, with petition assets estimated between $1 million and $10 million. Chief Restructuring Officer Michael DuFrayne’s declaration placed prepetition obligations at about $173.
1 million, with roughly $163.7 million tied to unsecured IOUs issued to Poolin Wallet customers. The company’s current bankruptcy case is focused on selling its Texas assets rather than rebuilding its mining operations.
Lonestar Dream stopped mining and hosting activities at its Pyote and Tarbush sites on July 10, according to the filing documents. Poolin has entered asset purchase agreements with Thor CALAP LLC for a combined $52 million stalking-horse bid. The offer includes $15 million for the Pyote property and associated power rights and equipment, plus $37 million for Tarbush power rights and equipment.
The deal remains subject to competing bids and court approvals. The company spent more than three months marketing the asset, contacting over 335 potential buyers, including cryptocurrency miners and artificial intelligence and high-performance computing operators. The process resulted in 28 confidentiality agreements, seven letters of intent and three additional expressions of interest.
Poolin’s Texas expansion struggled after the company moved mining operations from China as Beijing imposed a ban on mining in th
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