Poolin Files for Chapter 11 Bankruptcy as Debt Reaches $173M

Poolin, once one of the world's largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the US due to financial difficulties.

The company and its two subsidiaries submitted a filing in the New Jersey District Court, citing long-standing financial problems that have reached a new stage following the 2022 liquidity crisis.

Poolin's total debt is approximately $173.1 million, with $163.7 million consisting of Invoices for Debt (IOUs) issued to Poolin Wallet users after withdrawals were suspended in 2022.

The company plans to sell two Bitcoin mining facilities located in western Texas as part of its bankruptcy proceedings, with an initial bid totaling $52 million.