Poolin files for Chapter 11 bankruptcy, seeks $52 M Texas asset sale

Poolin Technology, a Singapore‑based Bitcoin mining pool that once controlled up to 20% of global hashrate, filed a voluntary Chapter 11 petition in the United States District Court for the District of New Jersey on July 22, 2026. The filing lists estimated pre‑petition liabilities of about $173 million, of which roughly $163.7 million are unsecured IOUs owed to around 11,700 users whose wallet withdrawals were frozen in 2022. The company also reports assets of $1‑$10 million and expects between 10,001 and 25,000 creditors.

Poolin and its U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, have asked the court’s approval to sell two West‑Texas mining facilities – the Pyote and Tarbush sites – through a stalking‑horse bid of $52 million offered by Thor CALAP LLC (approximately $15 million for Pyote and $37 million for Tarbush). The sale will be conducted under a court‑supervised auction with a bid deadline of September 8.

Analysts note that while the filing is unlikely to disrupt Bitcoin’s network security or overall hashrate, it underscores ongoing financial stress in the crypto‑mining sector and may accelerate the broader shift of mining infrastructure toward AI and high‑performance‑computing uses.