---
title: "Poolin Chapter 11 filing sets $52M floor for Texas mining assets"
author: "Caleb Mwangi"
datePublished: 2026-07-24T10:37:00.000Z
canonical: "https://scramnews.com/post/00tink006onkh/poolin-chapter-11-52m-texas-mining-assets"
---

[Poolin Technology PTE. Ltd.](https://www.tbstat.com/wp/uploads/2026/07/Poolin-Chap-11.pdf) filed for Chapter 11 protection in New Jersey and lined up a [$52 million stalking-horse bid](https://www.theblock.co/post/409587/former-bitcoin-miner-poolin-files-chapter-11-sets-52-million-floor-bid-for-texas-operations?utm_source=rss&utm_medium=rss) for its Texas mining operations, moving one of crypto mining’s largest 2022 failures into a court-supervised sale. Bankruptcy papers cited by [The Block](https://www.theblock.co/post/409587/former-bitcoin-miner-poolin-files-chapter-11-sets-52-million-floor-bid-for-texas-operations?utm_source=rss&utm_medium=rss) list $173.1 million of prepetition obligations, including $163.7 million of unsecured IOUs tied to frozen Poolin Wallet balances. For creditors, the filing gives a four-year collapse a recovery ledger.

The debtor is asking to sell its remaining business rather than rebuild it. Founder Zhibiao “Kevin” Pan remains Poolin’s sole equity holder, according to the filing. The company plans to market substantially all of its remaining US mining assets through Chapter 11. [Bondoro’s filing alert](https://bondoro.com/poolin-filing-alert/) said the case formalises liabilities left from September 2022, when Poolin halted wallet withdrawals.

> “Rather than pursuing a reorganization, the companies intend to use the Chapter 11 process to sell substantially all of their remaining U.S. mining assets.”  
> Source: The Block

That choice narrows the fight. Creditors are not being asked to bankroll a weakened operator through another mining cycle. The immediate issue is what the Texas sites are worth to a buyer with its own balance sheet and, possibly, a different use for the power.

Under the proposed floor deal, [Thor CALAP LLC](https://www.tbstat.com/wp/uploads/2026/07/Poolin-Chap-11.pdf) would buy the Pyote and Tarbush, Texas assets for $15 million and $37 million respectively, according to the bankruptcy papers and The Block’s reporting. A stalking-horse bid sets a benchmark, not a ceiling. Poolin can still seek higher offers, and the court process is meant to show whether another buyer values the sites above the opening price.

Claims swamp that first asset tag. Court materials cited by The Block say about 11,700 retail users hold frozen wallet IOUs above $100. Advisers also reached 335 potential strategic, financial and hybrid buyers. The two figures capture the case’s tension: a long tail of unsecured crypto customers waiting for recoveries, while the estate looks for institutional money for distressed infrastructure.

Measured against the claims, the opening asset price is modest. The filing does not say what unsecured customers will ultimately recover, and stalking-horse bids can move in an auction. Still, it sets the starting point. Creditors are negotiating around assets priced in tens of millions, not hundreds.

## Why the Texas sites still matter

Poolin’s sale pitch rests on a market fact: Texas mining campuses can retain value after the operator fails. Liquidation does not erase the appeal of power-linked assets in a market that rewards ready access to electricity and industrial capacity.

Conditions have changed since Poolin froze withdrawals in 2022. [The Block reported in June](https://www.theblock.co/post/405322/texas-power-grid-allocation-framework-lift-bitcoin-miners-data-center-operators?utm_source=rss&utm_medium=rss) that a new Texas grid allocation framework could help bitcoin miners that have moved toward data-centre operations, potentially widening the buyer pool for power-heavy campuses. Separate [The Block reporting on Galaxy Digital’s Helios campus](https://www.theblock.co/post/407396/galaxy-delivers-133-mw-of-critical-it-load-to-coreweave-as-helios-bitcoin-mine-turns-ai-hub?utm_source=rss&utm_medium=rss) said the company delivered 133 megawatts of critical IT load to CoreWeave after converting a West Texas bitcoin mine into an AI hub. [The Block also reported](https://www.theblock.co/post/407282/terawulf-data-center-lease-anthropic-19-billion-revenue?utm_source=rss&utm_medium=rss) that TeraWulf signed a 20-year data-centre lease with Anthropic that it expects to generate $19 billion of revenue.

Those deals do not make Poolin’s assets comparable on quality or scale, and the bankruptcy papers do not claim they are. They do explain why a distressed mining estate can still draw interest in 2026. Buyers are looking past hash-rate economics to land, interconnection, power rights and the speed at which a site can be repurposed.

For creditors, the immediate question is narrower. A $52 million opening bid is concrete. So are the liabilities now on the court record. If the auction clears above that floor, customers and other creditors may have more value to fight over after costs. If it does not, the filing still shows how the crypto-mining bust is being settled: asset by asset, with Texas infrastructure among the few pieces of the wreckage that still has a visible resale value.