Poolin, a Singapore-based Bitcoin mining company, filed Chapter 11 bankruptcy with $173M in liabilities and is seeking court approval to sell $52M in Texas mining assets.
Macro & Markets ·
Poolin, a Singapore-based Bitcoin mining operation, initiated Chapter 11 bankruptcy proceedings in July with $173 million in liabilities. The company is pursuing court authorization to divest its Texas mining properties for $52 million through a stalking-horse bid with Thor CALAP LLC, having halted extraction activities at its Pyote and Tarbush sites. Approximately $163.7 million of the liabilities stem from unsecured IOUs extended to wallet customers after the firm suspended withdrawals in 2022.
The bankruptcy reflects compounding operational and financial strain. Poolin's Texas expansion, undertaken after China's 2021 mining restrictions forced relocation, received only 100 megawatts of the anticipated 600-megawatt power allocation, leaving the company with excess equipment. Liquidating surplus gear produced $8.8 million in losses between 2023 and 2025. The immediate crisis originated in mid-2022 when Bitcoin's decline triggered margin calls on pledged collateral, prompting Poolin to transfer assets to lender Antalpha and suspend wallet withdrawals by September, encumbering roughly 11,700 customers with IOUs.
The bankruptcy process centers on liquidating Texas assets rather than operational recovery. Poolin marketed the properties for over three months, generating 28 confidentiality agreements and seven letters of intent from potential buyers. The final recovery amount for creditors hinges on competing bids and judicial approval of any transaction.