Poolin Files for Chapter 11 Bankruptcy Protection, Plans to Sell Texas Mining Assets for $52 Million

Poolin has filed for Chapter 11 bankruptcy protection, planning to sell its Bitcoin mining assets in Texas for $52 million and cease operations. Poolin and its two U.S. affiliates submitted a voluntary petition to the bankruptcy court in New Jersey on July 22, with liabilities of approximately $173 million, of which about $163.7 million consists of unsecured IOUs issued to Poolin wallet users after withdrawals were suspended during the downturn in the cryptocurrency market in 2022. Approximately 11,700 wallet users hold balances exceeding $100. The two Texas mining sites ceased mining and hosting operations on July 10. Poolin has reached an asset purchase agreement with Thor CALAP LLC, with the Pyote mining site priced at $15 million and the Tarbush mining site’s power rights and equipment priced at $37 million, totaling a bid floor of $52 million. Poolin stated that demand for AI infrastructure may enhance the value of the mining site’s power and equipment. The final recovery amount from the court auction will depend on bids, fees, and court approval.