Poolin Files for Chapter 11 as Stalking-Horse Bidder Offers $52 Million for Texas Assets

Poolin, one of the world's largest bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the United States. The company is seeking to sell its Texas-based assets through a court-supervised process. Poolin owes approximately $173 million to creditors, with about $163.7 million related to IOUs issued to wallet customers after withdrawals were suspended in 2022.

The company's mining and hosting operations at the Pyote and Tarbush facilities in West Texas ended on July 10. A stalking-horse bid of $52 million has been submitted by Thor CALAP LLC, covering the power rights and equipment at both sites. This bid sets a minimum price for the auction, allowing higher competing offers before any final sale receives court approval.

Prior to filing for bankruptcy, Poolin spent three months marketing its assets to over 335 prospective buyers and investors. The outreach targeted cryptocurrency miners, AI infrastructure operators, hyperscale data center companies, private equity firms, and real estate investment trusts. Interest from AI-focused buyers has strengthened demand for the Texas properties during the auction process.