Poolin Technology Pte. Ltd. a former major Bitcoin mining pool, filed for Chapter 11 bankruptcy on July 22. The Singapore-based company owes $163.7 million to approximately 11,700 users following its 2022 withdrawal freeze—formalizing a financial collapse two years in the making.
The filing initiates a court-supervised liquidation of Poolin's remaining assets. The company's two West Texas mining sites are slated for auction; Thor CALAP LLC has placed a $52 million stalking-horse bid, setting the minimum price for those properties.
Poolin's troubles became public in 2022 when it paused user withdrawals, citing liquidity constraints during a sharp crypto market contraction. The pool, which once ranked among the largest by hash rate, subsequently lost substantial market share as users migrated to more solvent platforms.
The $52 million stalking-horse bid covers less than one-third of the $163.7 million owed, leaving the 11,700 creditors holding Poolin IOUs facing steep losses. The outcome reinforces a pattern from the 2022 downturn: mining infrastructure operators that ran thin liquidity buffers were structurally exposed when revenue collapsed, while better-capitalized competitors absorbed their market share.
