Poolin files for Chapter 11 with $173 million in claims
Macro & Markets ·
The mining pool once ranked as the world's largest Bitcoin operation has entered bankruptcy proceedings, listing debt that includes tens of millions owed to wallet customers.
Poolin filed for Chapter 11 bankruptcy protection, disclosing $173.1 million in total claims, according to wublockchain.xyz. Of that figure, $163.7 million is owed to Wallet customers, marking the bulk of the liabilities named in the filing. The filing sets a $52 million stalking-horse bid, a floor price meant to anchor a sale process, for the company's Texas mining operations, as reported by theblock.co.
A stalking-horse bid functions as a minimum offer in a court-supervised auction, giving creditors a baseline recovery figure while inviting competing bids for the same assets. Poolin's use of the mechanism signals the Texas facility is the primary asset being marketed to fund creditor claims, though no final buyer has been named.
The scale of the wallet-customer debt separates this filing from a typical operational wind-down. At $163.7 million against $173.1 million in total claims, wallet liabilities account for roughly 95% of what the company owes, indicating the exposure sits primarily with users who held funds through Poolin's wallet product rather than with mining infrastructure creditors or trade suppliers.
Multiple reports covering the filing describe Poolin as a former top-ranked mining pool, underscoring how a company once central to Bitcoin's mining infrastructure has moved into insolvency proceedings. The consistency across these accounts, from the $52 million floor bid to the $173 million claims total, indicates the filing details are established, even as the case proceeds through bankruptcy court.
What remains unresolved is who will bid on the Texas operations beyond the stalking-horse floor, whether wallet customers recover a meaningful share of the $163.7 million owed to them, and what timeline the Chapter 11 process will follow toward asset sales or a restructuring plan. No court dates or bidder names have been disclosed in the material reviewed.