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A New Jersey bankruptcy court has approved bidding procedures for Poolin’s remaining Texas mining assets, setting up a September auction backed by a $52 million opening bid.
The August 17 order sets a September 8 deadline for qualified bids, with an auction scheduled for September 10 if competing offers emerge. A sale hearing is set for September 18.
$52M Thor CALAP Bid Sets Floor for Two Texas Mining Sites
Thor CALAP has agreed to serve as stalking-horse bidder for Poolin’s two West Texas operations. Its combined offer includes $37 million for the Tarbush assets and $15 million for the Pyote assets.
The agreements cover power rights, equipment and other assets associated with the sites. The $52 million figure is an opening floor rather than a final sale price, leaving qualified bidders able to submit higher offers.
Poolin stopped its Texas mining and hosting operations on July 10 and does not plan to restart them. A limited workforce remains to secure the sites and preserve assets during the sale process.
Poolin Wallet Users Hold $163.7M in Unsecured IOUs
Poolin Technology, Lonestar Dream and Lonestar Taproot filed for Chapter 11 protection on July 22. Chief Restructuring Officer Michael DuFrayne estimated their combined prepetition obligations at about $173.1 million.
Roughly $163.7 million consists of unsecured IOUs issued after Poolin Wallet suspended withdrawals during its September 2022 liquidity crisis. About 11,700 customers held IOUs worth more than $100 when withdrawals were frozen.
Poolin’s petition estimates between 10,001 and 25,000 creditors, assets of $1 million to $10 million and liabilities of $100 million to $500 million.
September 10 Auction Could Push Sale Above $52M Floor
Poolin’s Texas expansion struggled after anticipated electricity capacity failed to materialize. The company expected access to as much as 600 megawatts but initially received 100 MW, contributing to excess equipment purchases.
Unaudited records show about $8.8 million in losses from discounted equipment sales between fiscal 2023 and 2025.
Creditors are scheduled to meet on August 28 before qualified bids are due September 8. Any proceeds from the eventual Texas sale will be distributed through the bankruptcy process after applicable claims, expenses, and court approvals.
The September 10 auction is therefore the next major test of whether competing bidders can push the value above Thor CALAP’s $52 million opening offer.
