Cryptocurrency mining pool operator Poolin, along with two US affiliates, has filed for Chapter 11 bankruptcy protection and is seeking to sell its West Texas mining assets.
Singapore-based Poolin Technology Pte Ltd, Lonestar Dream Inc, and Lonestar Taproot LLC filed voluntary petitions on July 22 in the US Bankruptcy Court for the District of New Jersey.
Lonestar Dream ceased mining and hosting activities at its Pyote and Tarbush facilities on July 10. A limited workforce has been retained to secure the properties and assist with the sale process.
The companies have entered into two asset purchase agreements with Thor CALAP LLC, which has offered $15m for the Pyote property and its associated power rights and equipment, and $37m for the power rights and equipment at Tarbush. The Tarbush deal does not include the facility’s surface-use agreement.
Thor’s combined $52m offer will act as a stalking-horse bid, establishing the minimum price for the assets during the bankruptcy auction. The two transactions can proceed separately and remain subject to higher offers and court approval.
