Poolin Technology, a major Bitcoin mining pool operator, filed for Chapter 11 bankruptcy in New Jersey on July 22, 2026, revealing $173 million in debt and plans to sell off its remaining U.S. mining infrastructure.
The Singapore-based company, along with its U.S. affiliates Lonestar Dream and Lonestar Taproot, seeks court approval to liquidate two West Texas mining facilities through a $52 million stalking-horse bid by Thor CALAP LLC. The Pyote site is valued at $15 million, while the Tarbush facility’s power rights and equipment are priced at $37 million. This sale remains subject to higher bids and court confirmation.
The bankruptcy filing highlights Poolin’s financial struggles stemming from the 2021 cryptocurrency mining ban in China, which disrupted operations. Efforts to shift focus to West Texas mining were complicated by insufficient power supply, overpurchased equipment, and nearly $9 million in hardware losses between 2023 and 2025.
Poolin owes roughly $173 million, with unsecured promissory notes to about 11,700 wallet holders holding over $163 million in frozen funds after the company stopped withdrawals amid the crypto downturn in 2022. Following a sharp bitcoin price drop that year, lenders demanded collateral, forcing Poolin Wallet into a liquidity crisis and the suspension of withdrawals.
The company anticipates potential interest in its power capacity and hardware due to rising demand for artificial intelligence data infrastructure. This angle could attract more competitive bids during the asset sale process.
