Poolin Bankruptcy: $173.1M Owed, Only $52M Bid on the Table for Texas Mines

Poolin Technology, once one of the world’s largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection, listing $173.1 million in pre-petition liabilities against a stalking-horse bid of just $52 million for its remaining Texas mining sites. The mismatch between what Poolin owes and what its assets are likely to fetch is the number that matters most to the roughly 11,700 users still waiting on frozen wallet withdrawals dating back to 2022.

The filing was made on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey under Case No. 26-18325. It covers Poolin Technology PTE. Ltd., the Singapore-based parent, and its two US affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC.

$163.7 million in unsecured claims traces to 2022

Court documents put Poolin’s total assets in the $1 million to $10 million range against liabilities of $100 million to $500 million. Chief Restructuring Officer Michael DuFrayne’s declaration narrowed that gap, placing total pre-bankruptcy obligations at approximately $173.1 million, of which roughly $163.7 million is unsecured debt.

That unsecured pile is owed to about 11,700 users of the Poolin Wallet product, whose withdrawals were frozen in 2022 during the crypto bear market that also toppled several major lenders and exchanges. The bankruptcy filing effectively marks the formal endpoint of a financial unwind that has been running for roughly four years without a resolution for those depositors.

$52 million bid targets the Pyote and Tarbush sites

Rather than pursue a reorganization under Chapter 11, Poolin is seeking a court-supervised liquidation centered on its physical mining infrastructure in West Texas. Thor CALAP LLC has submitted a $52 million stalking-horse bid for the Pyote and Tarbush mining sites, setting a floor price for what is expected to be a competitive auction process under bankruptcy court supervision.

Even if that bid holds or rises through the auction, $52 million covers less than a third of the $173.1 million in total obligations, and only about a third of the unsecured claims tied to frozen wallet balances. Unsecured creditors, including the thousands of retail wallet users, typically rank behind secured lenders and administrative costs in bankruptcy proceedings, meaning actual recovery rates for those depositors could fall well short of full repayment.

Why this matters for depositors and miners

Poolin’s collapse is a reminder that custodial crypto products carry counterparty risk independent of the underlying asset’s price. Bitcoin’s own market performance had nothing to do with the freeze that trapped Poolin Wallet users’ funds in 2022; the failure sat entirely on the company’s balance sheet and liquidity management.

For the broader mining sector, the case underscores how thin margins on physical infrastructure can leave even large asset bases worth a fraction of outstanding debt once operations stall. Holders exposed to any custodial wallet, exchange or lending platform should treat frozen-withdrawal events as an early warning sign, since bankruptcy recoveries — as Poolin’s case illustrates — can take years and settle for cents on the dollar.

Sources

• ambcrypto.com
• newsbtc.com