Poolin Files Chapter 11 as Bitcoin Miner Seeks Asset Sale
Poolin Technology has filed for Chapter 11 bankruptcy protection in an effort to restructure and sell its West Texas mining operations. The company's US affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, are also part of the filing.
The bankruptcy case was made on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey under Case No. 26-18325. Poolin Technology PTE. Ltd. lists $173.1 million in prepetition liabilities, including $163.7 million in unsecured IOUs owed to around 11,700 Poolin Wallet users.
The user liabilities are a significant concern as they have been waiting since 2022 for access to their funds or some form of recovery. The bankruptcy process can organize claims and assets, but it rarely makes everyone whole when the gap is this large.
A $52 million stalking-horse bid from Thor CALAP LLC has been proposed for Poolin's Pyote and Tarbush mining sites in West Texas. This bid creates a starting point for the sale, and other bidders may come in higher if they think there's value in the assets beyond the initial offer.