Poolin Files Chapter 11 as Bitcoin Miner Ties West Texas Sites to $52M Asset Sale

Poolin Technology has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of New Jersey. The company's West Texas mining operations are now tied to an orderly wind-down and asset sale process, with a proposed $52 million stalking-horse bid from Thor CALAP LLC for the Pyote and Tarbush mining sites.

The bankruptcy filing includes $173.1 million in prepetition liabilities, including $163.7 million in unsecured IOUs owed to approximately 11,700 Poolin Wallet users after withdrawals were frozen in 2022. This adds a personal element to the case, as affected users have been waiting since 2022 for access to funds or recovery.

The user liabilities are particularly challenging, with unsecured creditors often facing uncertainty and low priority claims. The mining-asset sale may help create some value for the estate, but it is unlikely to make all users whole, given the large gap between assets and liabilities.