Poolin's Bitcoin Mining Assets Up for Auction at $52M Starting Price
Poolin's bankruptcy proceedings have reached a critical stage as the company prepares for a court-supervised auction of its Bitcoin mining operations.
The auction, set to take place on September 10, will determine the fate of Poolin's assets, which include electrical power contracts, physical structures, cryptocurrency mining rigs, facility enhancements, and electrical substation components. The stalking horse bidder, Thor CALAP LLC, has submitted a comprehensive $52 million acquisition proposal, allocating $37 million toward Tarbush facility power agreements and associated mining hardware.
The proposed bidding process was approved by Judge Eamonn J. O'Hagan of the US Bankruptcy Court for the District of New Jersey on August 17. Prospective purchasers have until August 27 to file preliminary expressions of interest, with qualified bidders submitting binding offers no later than September 8.
The largest creditor bloc consists of approximately 11,700 individual wallet users, who collectively hold unsecured claims totaling $163.7 million. Any creditors wishing to contest the proposed asset sale must submit formal objections by September 16, as failure to meet this deadline will result in permanent loss of standing to dispute the transaction.