Poolin Files Chapter 11 as Bitcoin Miner Seeks Sale of Texas Assets

Poolin, once one of the world's largest bitcoin mining pools, has filed for Chapter 11 bankruptcy protection. The Singapore-based company and its two U.S. affiliates sought court protection on July 22 in the U.S. Bankruptcy Court for the District of New Jersey.

The petition lists an estimated 10,001 to 25,000 creditors, assets of between $1 million and $10 million, and liabilities of between $100 million and $500 million. Poolin's prepetition obligations total about $173.1 million, with roughly $163.7 million consisting of unsecured IOUs issued to Poolin Wallet customers.

The bankruptcy is intended to facilitate a court-supervised sale rather than reorganize Poolin as an operating business. Lonestar Dream stopped mining and hosting operations at its Pyote and Tarbush sites on July 10, retaining only a limited workforce to secure the properties and support the sale process.