Poolin Files for Chapter 11, Seeks $52 Million Texas Asset Sale

Poolin, once the world’s largest Bitcoin mining pool in 2019, has struggled since a liquidity crunch during the 2022 cryptocurrency-market downturn forced it to suspend withdrawals from Poolin Wallet. The company issued IOUs to affected customers, creating a large pool of unsecured claims. Its bankruptcy underscores the financial strain on crypto miners from volatile token prices, costly power and tighter access to capital.

Poolin Technology PTE. Ltd. and U.S. affiliates Lonestar Dream and Lonestar Taproot filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey on July 22, 2026. The petitions estimate liabilities at $100 million to $500 million, while prepetition obligations total about $173.1 million. Poolin is seeking approval for a court-supervised sale of its West Texas sites to Thor CALAP LLC under a $52 million stalking-horse bid, comprising $37 million for Tarbush and $15 million for Pyote. The proposed bid deadline is Sept. 8.