Poolin Technology, once the world’s largest Bitcoin mining pool, filed for Chapter 11 bankruptcy protection in New Jersey on July 22, 2026, carrying approximately $173.1 million in prepetition obligations. The filing, which includes U.S. affiliates Lonestar Dream Inc. and Lonestar Taproot LLC, is structured as a liquidation rather than a reorganization. The stated goal is to conduct a court-supervised sale of remaining assets under Section 363 of the U.S. Bankruptcy Code.
The debtors have already lined up a stalking-horse bid from Thor CALAP LLC totaling $52 million, setting a floor price for the auction of two West Texas mining sites. The offer is split into $15 million for the Pyote property, related power rights, and equipment, and $37 million for the Tarbush power rights and equipment. Mining and hosting operations at both sites ceased on July 10, 2026, leaving only a limited staff to secure the facilities and assist with the sale process.
Court filings estimate the debtor entities have between 10,001 and 25,000 creditors, assets of $1 million to $10 million, and liabilities of $100 million to $500 million. The largest single liability is approximately $163.7 million in unsecured IOUs held by roughly 11,700 Poolin Wallet customers, issued after withdrawals were suspended during the 2022 crypto market downturn. The remaining cash on hand is reported at about $1.2 million, held in a New Jersey bank account.