Bitcoin miner Poolin enters Chapter 11 with $52M bid for Texas assets

Poolin has filed for Chapter 11 bankruptcy protection in the United States as it moves to sell its Texas bitcoin mining assets under a court-supervised process while carrying about $173 million in prepetition obligations. Summary Poolin has filed for Chapter 11 bankruptcy while seeking to sell its Texas bitcoin mining assets through a court supervised auction. About $163.7 million of Poolin’s $173.1 million in prepetition obligations relates to IOUs issued after wallet withdrawals were suspended in 2022. Interest from AI infrastructure operators has helped drive bidding for the company’s power assets as miners increasingly repurpose data centers beyond bitcoin mining. According to filings in the U.S. Bankruptcy Court for the District of New Jersey, Singapore-based Poolin and its U.S. subsidiaries, Lonestar Dream Inc. and Lonestar Taproot LLC, filed voluntary Chapter 11 petitions on July 22. The debtors said the proceedings are intended to facilitate an orderly sale of their remaining assets rather than revive the business as an operating mining company. Court records show Poolin estimated it has between 10,001 and 25,000 creditors, assets worth between $1 million and $10 million, a...