- Poolin is winding down its mining business in the US.
- The company will sell its mining assets in Texas amid rising AI-driven demand.
- The starting price is $52 million.
Singapore-based Poolin, once the world’s largest Bitcoin mining pool, together with its subsidiaries Lonestar Dream Inc and Lonestar Taproot LLC, filed for Chapter 11 bankruptcy with the US Bankruptcy Court for the District of New Jersey.
The company plans to sell its mining assets in West Texas.
The combined $52 million offer will serve as a so-called stalking horse bid — the minimum baseline bid for a future auction — to maximize recoveries for creditors. The deal still requires court approval and may be topped by other bidders.
According to court filings, the bankruptcy is aimed not at resuming operations, but at an orderly court-supervised sale of assets.
From Mining Leader to Asset Fire Sale
According to the bankruptcy filing, Poolin, which in 2019 was the world’s largest bitcoin mining pool, was unable to withstand the fallout from China’s mining ban and the 2022 crypto crisis.
After moving customer collateral to Antalpha Technologies, the company raised about $213 million backed by crypto assets worth roughly $355.8 million, directing the funds toward building data centers in Texas, purchasing equipment, user payouts, and operating expenses.
However, the market crash triggered a liquidity crunch: in September 2022, Poolin Wallet halted withdrawals and issued IOU tokens.
According to court materials, about 11,700 users with balances over $100 received them, for a total of roughly $163.7 million, and by November of the same year Antalpha liquidated the collateral after the company’s debt rose to around $260 million.
Since then, Poolin has effectively ceased operations and is now selling its assets as part of the bankruptcy process.
Mining Infrastructure Is Increasingly Attracting the AI Sector
The company noted that today the greatest value lies no longer in mining operations, but in access to electricity and energy infrastructure.
Court filings emphasize that demand from AI data center operators could raise the value of Texas sites, despite the mining business itself being unprofitable.
At the same time, the combined losses of Lonestar Dream and Lonestar Taproot since their inception have reached approximately $45.9 million.
This trend aligns with the industry’s latest assessments. Earlier, MARA Holdings sold nearly 21,000 BTC to finance expansion into AI and high-performance computing through the acquisition of the energy company Long Ridge Energy & Power.
Meanwhile, Bernstein analysts said that electricity shortages are turning public miners into strategic partners for AI companies, as they control more than 27 GW of future power capacity and have already signed AI-related deals worth more than $90 billion.
Another factor weighing on the sector remains challenging economic conditions. According to JPMorgan estimates, the price of bitcoin is below the approximate cost of production, and about 20% of miners are operating at a loss, forcing companies to sell their cryptocurrency reserves.
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