TLDR
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Poolin schedules a September 10 auction for its remaining Bitcoin mining assets.
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A $52 million stalking horse bid sets the floor for Poolin’s planned asset sale.
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Qualified bids are due September 8 before the possible September 10 auction.
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Poolin owes about $163.7 million to roughly 11,700 former wallet customers.
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Creditors must object by September 16 or lose the right to challenge the sale.
Poolin will move toward a September auction for its remaining Bitcoin mining assets under a New Jersey bankruptcy process. The court scheduled qualified bids for September 8, followed by a possible auction on September 10. A $52 million stalking horse offer currently sets the minimum value for the proposed asset sale.
Poolin Sets September 10 Auction Under Chapter 11
The US Bankruptcy Court for the District of New Jersey approved Poolin’s bidding procedures on August 17. Judge Eamonn J. O’Hagan authorized a sale process covering substantially all remaining assets. Poolin then filed its formal auction notice with the court on August 19.
Interested parties must submit non-binding indications of interest by August 27. Meanwhile, qualified bidders must deliver final offers by September 8 under the approved procedures. Poolin may hold the auction on September 10 at 10:00 a.m. Eastern if competing bids emerge.
The auction may take place in Voorhees, New Jersey, through a virtual platform, or another approved location. Only qualified bidders may submit competing offers during the auction process. Poolin will then seek court approval for the winning transaction at a September 18 sale hearing.
$52 Million Offer Sets Floor for Poolin Assets
Thor CALAP LLC has agreed to act as the stalking horse bidder with a $52 million proposal. The offer assigns $37 million to Tarbush power rights and related mining equipment. Another $15 million covers the Pyote property included in the proposed transaction.
The stalking horse agreement establishes a minimum benchmark but does not guarantee Thor CALAP will acquire the assets. Other qualified bidders may submit higher or otherwise better offers before the September deadline. Poolin may also sell individual assets separately if that approach produces stronger returns.
The company stopped its Texas mining and hosting operations on July 10 and does not plan to restart them. Therefore, the Chapter 11 process focuses on selling infrastructure and recovering value for creditors. The remaining assets include power-related rights, buildings, mining equipment, improvements and substation infrastructure.
Poolin Creditors Face Key September Deadline
Poolin Technology and affiliates Lonestar Dream and Lonestar Taproot filed Chapter 11 petitions on July 22. The companies reported approximately $173.1 million in prepetition obligations. About $163.7 million relates to unsecured IOUs issued after Poolin suspended wallet withdrawals in 2022.
Around 11,700 wallet customers hold those claims, making them a major creditor group in the bankruptcy case. An official unsecured creditors’ committee now represents their collective interests during the restructuring. The court will also hold a remote Section 341 creditors’ meeting on August 28.
Creditors must file objections to the proposed sale by September 16 at 5:00 p.m. Eastern. A creditor who misses that deadline loses the right to challenge the transaction later. Poolin will then return to court on September 18 for a hearing on the proposed asset sale.
