Former Bitcoin Mining Giant Poolin Files Chapter 11, Targets $52M Texas Asset Sale
Published:July 25, 2026Last Updated:July 25, 2026Former bitcoin mining giant Poolin Technology Pte. Ltd. has filed for Chapter 11 bankruptcy protection. The Singapore-based company seeks to sell its remaining. . .
Last Updated:July 25, 2026Former bitcoin mining giant Poolin Technology Pte. Ltd. has filed for Chapter 11 bankruptcy protection. The Singapore-based company seeks to sell its remaining Texas mining operations after shutting them down on July 10. The filing covers Lonestar Dream Inc. and Lonestar Taproot LLC, with liabilities reaching between $100 million and $500 million. However, Chief Restructuring Officer Michael DuFrayne estimates prepetition obligations at about $173. 1 million. Significantly, customer claims account for roughly $163. 7 million of that debt. Poolin issued those unsecured IOUs after suspending wallet withdrawals during the 2022 crypto market crash. Poolin Technology filed Chapter 11 in New Jersey to liquidate its idle Texas mining assets, with a $52M stalking-horse bid from Thor CALAP LLC setting the floor for auction. Pre-petition liabilities hit ~$173M, including $164M in unsecured customer IOUs frozen since the 2022…— unfolded. (@cryptounfolded)July 24, 2026$52 Million Bid Sets Auction FloorMoreover, Poolin plans to sell its US mining assets rather than pursue a traditional restructuring. Thor CALAP LLC has offered $52 million as the stalking horse bidder. The proposal includes $15 million for the Pyote property and related assets. Additionally, it allocates $37 million for Tarbush power rights and equipment. Consequently, the court process could attract competing offers for the assets. Buyers may also purchase the properties separately if that approach delivers better creditor recoveries. Besides, Poolin’s financial troubles highlight the lasting impact of the 2022 crypto downturn. The company previously borrowed heavily against digital assets before falling collateral values triggered severe financial pressure. Related:Cory Klippsten Slams Mike Novogratz Over Bitcoin Trust ClaimsDisclaimer:The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.