Bitcoin Miner Poolin Enters Chapter 11 with $52M Bid for Texas Assets
The company said AI and high-performance computing buyers lifted interest in the sites, and 28 nondisclosure agreements were signed during marketing.
- On July 22, Singapore-based Poolin filed for Chapter 11 bankruptcy in New Jersey alongside U.S. subsidiaries Lonestar Dream Inc. and Lonestar Taproot LLC, reporting approximately $173.1 million in prepetition liabilities.
- Co-Founder Kevin Pan acknowledged the company was "facing liquidity problems" while Poolin Wallet suspended withdrawals in September 2022, issuing roughly $163.7 million in IOU tokens to around 11,700 customers.
- Poolin transferred customer collateral to Antalpha Technologies and borrowed roughly $213 million against cryptocurrency valued at approximately $355.8 million, which Antalpha liquidated in November 2022 when debt reached about $260 million.
- Mining operations at Pyote and Tarbush facilities in West Texas ended July 10, while debtors signed a $52 million stalking-horse bid agreement with Thor CALAP LLC after marketing assets to more than 335 prospective buyers.
- AI-Focused buyers have strengthened interest in the Texas properties during the auction because existing electrical systems and power capacity appeal to data center projects beyond cryptocurrency mining.
16 Articles
16 Articles
Bitcoin miner Poolin enters Chapter 11 with $52M bid for Texas assets
Poolin has filed for Chapter 11 bankruptcy protection in the United States as it moves to sell its Texas bitcoin mining assets under a court-supervised process while carrying about $173 million in prepetition obligations. According to filings in the U.S.…
Poolin, Once-Dominant Bitcoin Mining Giant, Announced Bankruptcy
Key Takeaways: Poolin has filed for Chapter 11 bankruptcy protection in the U.S., representing about 20% of Bitcoin’s global hashrate. Prepetition obligations totaled about $173.1 million of which around $163.7 million is tied to IOUs issued to customers since the freeze on wallet withdrawals in 2022. Poolin will sell the mining assets in Texas under a $52 million stalking-horse sale. User Score8.7 Follow us on Google News Poolin’s bankruptcy f…
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