Key Points
Bankruptcy court approves September 10 auction date for Poolin’s Bitcoin mining infrastructure.
Thor CALAP LLC submits $52 million stalking horse offer establishing minimum sale price.
Final competing bids must arrive by September 8 under court-approved procedures.
Approximately 11,700 wallet users hold claims totaling $163.7 million against Poolin.
September 16 represents final deadline for creditors to file sale objections.
The embattled cryptocurrency mining pool operator Poolin has established a timeline for liquidating its Bitcoin mining infrastructure through a court-supervised auction. Operating under Chapter 11 bankruptcy protection in New Jersey, the company will accept final bids through September 8 before conducting a potential competitive auction two days later. A baseline offer of $52 million from Thor CALAP LLC establishes the minimum threshold for the sale.
Court Approves Bidding Timeline for September Asset Sale
On August 17, Judge Eamonn J. O’Hagan of the US Bankruptcy Court for the District of New Jersey granted approval for Poolin’s asset disposition procedures. The authorization encompasses the sale of substantially all of the debtor’s remaining property. Two days later, on August 19, Poolin submitted its official auction notification to the court docket.
Prospective purchasers face an August 27 deadline to submit preliminary expressions of interest. Following that initial screening, qualified participants must present binding proposals no later than September 8. If multiple competitive offers materialize, the company will conduct an auction beginning at 10:00 a.m. Eastern Time on September 10.
The competitive bidding session may occur at Poolin’s Voorhees, New Jersey location, via digital conferencing platform, or at an alternative venue subject to approval. Participation during the auction phase remains restricted to pre-qualified bidders meeting established criteria. Court confirmation of the selected purchaser will follow during a hearing scheduled for September 18.
Thor CALAP’s $52 Million Baseline Bid Covers Texas Operations
Thor CALAP LLC stepped forward as the designated stalking horse bidder, presenting a $52 million acquisition proposal. The structured offer allocates $37 million toward Tarbush facility power entitlements and associated mining hardware. The remaining $15 million portion addresses the Pyote real estate component.
While the stalking horse arrangement creates a valuation floor, it provides no guarantee that Thor CALAP will ultimately complete the purchase. Qualified competitors retain the ability to submit superior proposals exceeding the baseline terms before the early September cutoff. The debtor also maintains flexibility to pursue disaggregated sales of individual asset categories if such an approach maximizes recovery.
Poolin terminated its Texas-based mining and hosting activities on July 10 without plans for resumption. Consequently, the bankruptcy proceeding concentrates on infrastructure liquidation to generate creditor distributions. The property portfolio encompasses electrical power contracts, real estate holdings, mining machinery, facility enhancements, and electrical substation components.
September 16 Objection Deadline Critical for Creditor Group
Poolin Technology, alongside affiliated entities Lonestar Dream and Lonestar Taproot, initiated Chapter 11 proceedings on July 22. Disclosed liabilities total approximately $173.1 million in pre-bankruptcy obligations. The bulk of that debt—roughly $163.7 million—stems from unsecured IOUs created when Poolin halted wallet withdrawals during 2022.
Those outstanding claims belong to approximately 11,700 former wallet users, representing the largest creditor constituency in the case. An officially appointed unsecured creditors’ committee now advocates for this group throughout the reorganization proceedings. The court has additionally scheduled a remote Section 341 meeting of creditors for August 28.
Any creditor wishing to contest the proposed asset disposition must file formal objections by 5:00 p.m. Eastern Time on September 16. Failure to meet this deadline results in forfeiture of objection rights regarding the transaction. The court will then convene on September 18 to consider approval of the asset sale based on auction results.
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