Poolin Technology Files for Chapter 11 Bankruptcy Owing Millions to Users

Poolin Technology, a major Bitcoin mining pool, has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of New Jersey. The company owes $163.7 million to 11,700 users who held balances above $100.

The IOUs were issued when Poolin suspended payouts in September 2022 due to a liquidity crunch. At that time, management said Antalpha Technologies liquidated around $265 million of digital-asset collateral against about $260 million due.

Poolin's Texas mining expansion has been generating losses, with the company recording around $8.8 million in equipment-sale losses from fiscal 2023 through 2025 and approximately $45.9 million of cumulative losses across the Lonestar business.

The bankruptcy filings propose a sale process that could attract bids from crypto miners and AI data-center operators. The stalking-horse agreements would establish an opening floor for the sale, with Thor CALAP LLC signing a $15 million agreement for Pyote assets and a separate $37 million agreement for Tarbush-related assets.