Poolin Technology and two U.S. affiliates filed for Chapter 11 protection on July 22, seeking to sell their West Texas mining sites and wind down operations. The Singapore-based parent filed
Poolin Technology and two U.S. affiliates filed for Chapter 11 protection on July 22, seeking to sell their West Texas mining sites and wind down operations.
The Singapore-based parent filed alongside Lonestar Dream Inc. and Lonestar Taproot LLC in the U.S. Bankruptcy Court for the District of New Jersey. The companies requested joint administration under case number 26-18325. Poolin listed assets between $1 million and $10 million and liabilities between $100 million and $500 million.
Poolin was founded in China in 2017 and briefly controlled the largest share of Bitcoin’s mining hashrate in 2019. Its U.S. entities stopped mining before the bankruptcy, with Lonestar Dream closing its remaining operations on July 10. The companies do not intend to restart them.
Thor CALAP LLC agreed to serve as the stalking-horse bidder for Poolin’s Pyote and Tarbush sites, setting the minimum price for a court-supervised auction.
The proposed buyer offered $15 million for the Pyote assets and $37 million for Tarbush. The packages include real estate, electrical infrastructure, power rights, mining equipment and other property connected to the two facilities.
Poolin began marketing the sites in March and contacted more than 335 potential buyers across Bitcoin mining, artificial intelligence, high-performance computing, private equity and real estate. The process generated 28 confidentiality agreements, seven letters of intent and three additional indications of interest.
Competing buyers can bid for the properties together or separately. The proposed sale terms include a September 8 bid deadline, although the court had not approved the auction procedures or scheduled a sale hearing at the time of the filing.
Poolin’s financial problems extend beyond its Texas mining operations. Its wallet business suspended withdrawals during the 2022 market crash and issued approximately $163.7 million in IOU tokens to customers. About 11,700 wallet holders had outstanding balances above $100.
The company had borrowed approximately $213 million against $355.8 million in crypto collateral before falling prices triggered margin pressure. Antalpha later liquidated the collateral after Bitcoin dropped below roughly $16,800 in November 2022.
Poolin’s Texas expansion also fell short of its original power plans. The company ordered equipment for an expected 600-megawatt allocation but initially received 100 megawatts, forcing surplus machines to be sold at discounts. Equipment sales generated approximately $8.8 million in losses between 2023 and 2025, while the two U.S. subsidiaries accumulated $45.9 million in losses.
Pressure has continued across the mining sector as Bitcoin difficulty dropped 10.09% in June and American Bitcoin reported an $81.8 million first-quarter loss.
Poolin’s first-day bankruptcy hearing is scheduled for July 27 at 11:00 a.m. Eastern Time.
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