Poolin Chapter 11 Filing Reveals $173M Liability, Texas Site Auction

Poolin, a Singapore-based operator of one of the largest Bitcoin mining pools, filed for Chapter 11 protection in U.S. Bankruptcy Court for the District of New Jersey. The company listed liabilities of roughly $173.1 million against assets of $1 million to $10 million. The filing covers between 10,001 and 25,000 creditors, the court document shows. About 11,700 of those are Poolin users who held balances.

Poolin plans to repay creditors through an auction of its Texas mining sites. The auction has a $52 million stalking-horse bid from Thor CALAP LLC. That bid sets a floor price for the assets.

The company was once a leader in the mining pool industry. Its Chapter 11 filing comes after a period of financial strain that left users unable to withdraw funds.