According to ME News, on July 24 (UTC+8), mining pool Poolin filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the District of New Jersey, aiming to sell its Bitcoin mining assets in Texas for $52 million. The filings indicate that Poolin has an estimated 10,001 to 25,000 creditors, with total debts of approximately $173.1 million prior to filing. Of this amount, about $163.7 million consists of unsecured promissory notes issued to Poolin Wallet customers following the suspension of withdrawals during the 2022 cryptocurrency market downturn. The debtor has entered into asset purchase agreements with Thor CALAP LLC, which has offered $15 million to acquire the Pyote mining site along with its associated power rights and equipment, and $37 million to acquire the power rights and equipment at the Tarbush mining site. (Source: Foresight News)
Poolin Files for Chapter 11 Bankruptcy, Plans to Sell Texas Bitcoin Mining Assets for $52M
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Summary
Poolin has filed for Chapter 11 bankruptcy in New Jersey and is seeking to sell its Texas Bitcoin mining assets for $52 million. The company faces estimated debts of $173.1 million, including $163.7 million in unsecured notes, following the suspension of withdrawals in 2022. Thor CALAP LLC has agreed to purchase the Pyote site for $15 million and Tarbush for $37 million. This move comes as the industry prepares for regulatory developments such as Bitcoin ETF approval and CFTC compliance measures.
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