Poolin files Chapter 11; proposes $52M sale of Texas mines

Poolin, a Singapore-based Bitcoin mining pool, and two U.S. affiliates filed for Chapter 11 bankruptcy in New Jersey on Wednesday. The filing lists estimated liabilities of $100 million to $500 million, assets of $1 million to $10 million and 10,001 to 25,000 creditors.

The company asked the court to approve a proposed $52 million stalking-horse bid from Thor CALAP LLC to buy two West Texas mining sites. The proposed sale allocates $37 million to the Tarbush assets, including assumed liabilities, and $15 million to the Pyote site, which the filing says includes power rights, equipment and all assets tied to the facilities. The sale would be subject to a court-supervised auction under proposed bidding procedures with a bid deadline of Sept. 8.

Poolin was the world’s largest Bitcoin mining pool in 2019. The company now ranks 17th by hashrate and holds about 0.2% market share, according to industry data cited in the filing. The Chapter 11 case covers operations linked to Poolin’s U.S. affiliates and includes requests related to the proposed sale and other restructuring procedures.

Bitcoin miners have faced higher electricity costs and tighter operating margins. Some operators have closed facilities or sought bankruptcy protection; a separate mining group filed for Chapter 11 in the Western District of Texas in February.

Several mining and infrastructure firms have announced transactions tied to artificial intelligence and data-center work, including a 15-year, $9.8 billion lease for an AI campus, $2.8 billion in cloud services contracts with AI developers, and plans by another company to acquire a Texas site with up to 2 gigawatts of capacity.

The New Jersey bankruptcy court will review Poolin’s proposed sale terms, set any auction schedule and consider other requests in the Chapter 11 case. The outcome will determine how the company’s U.S. assets are handled during the restructuring.