Filing Alert: Poolin Chapter 11

Update (July 23, 2026): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Poolin Technology PTE. Ltd.

Poolin Technology PTE. Ltd and its debtor affiliates⁽¹⁾, a Singapore-based cryptocurrency mining pool operator, filed for Chapter 11 protection on Jul. 22 in the U.S. Bankruptcy Court for the District of New Jersey.

The filing aims to implement an orderly, value-maximizing sale of substantially all of the Debtors’ assets, wind down operations, and pursue confirmation of a liquidating plan. As of the July 22, 2026 Petition Date, the Debtors had ceased mining operations. LSD closed its operations on July 10, 2026, and the Debtors do not intend to resume operations. They retained only a limited workforce to preserve estate value, secure the sites and equipment, support the sale process, and administer the cases.

The Debtors attribute their distress to deterioration across their crypto-mining and wallet-lending businesses. On the legacy side, the PRC’s May 2021 ban on Bitcoin mining disrupted Poolin’s China operations. Market conditions worsened in mid-2022, and Bitcoin fell below approximately $20,000 in June 2022, triggering escalating margin calls from Tether against Poolin Wallet’s pledged collateral. Poolin transferred substantially all such collateral to Antalpha and borrowed approximately $213 million against collateral then valued at approximately $355.8 million. In September 2022, Poolin Wallet announced a liquidity crisis, suspended withdrawals, and issued approximately $163.7 million of IOUs to Wallet Holders, approximately 11,700 of whom held balances exceeding $100. After Bitcoin fell below approximately $16,800 in November 2022, Poolin ceased operations, and Antalpha liquidated Poolin Wallet’s collateral. Management estimated that approximately $260 million was then due to Antalpha, collateralized by approximately $265 million of digital assets.

On the U.S. side, following the China ban, the Debtors developed mining operations in West Texas but received an initial 100 MW power allocation against an anticipated 600 MW. This prompted an overorder of equipment, further strained working capital, and forced discounted surplus sales. The Debtors’ unaudited books reflect approximately $8.8 million of equipment-sale losses across FY2023 through FY2025. LSD and LST have not been profitable since formation and have incurred approximately $45.9 million of cumulative losses. The Debtors also cite Bitcoin price volatility, the pandemic, startup cost overruns and delays, evaporating capital availability, and cross-border legal claims, including Wallet Holder actions filed in the United States and Singapore, as factors driving their decision to cease mining and monetize their assets.

The Debtors appointed Michael DuFrayne as CRO on or about November 14, 2025, and retained DuFrayne LLC as investment banker on or about February 3, 2026. The ensuing marketing process spanned more than three months and canvassed more than 335 strategic, financial, and hybrid parties, with an emphasis on AI/HPC data-center operators and cryptocurrency miners. The process generated 28 NDAs, seven LOIs, and three additional indications of interest. On July 22, 2026, the Debtors executed separate stalking-horse asset purchase agreements with Thor CALAP LLC for the Pyote and Tarbush assets at $15 million and $37 million, respectively. The agreements represent $52 million in the aggregate across two separate and independent transactions. The Debtors intend to market the assets on a combined or separate-lot basis, whichever yields the highest or otherwise best offer, and expect the process to deliver a substantial dividend to creditors upon confirmation of a liquidating plan.

Poolin Technology PTE. Ltd reports $1 million to $10 million in assets and $100 million to $500 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 26-18325.

⁽¹⁾ Lonestar Dream Inc. and Lonestar Taproot LLC.

Top Unsecured Claims

Key Parties

Counsel:

• Stephen M. Packman
  Archer & Greiner, P.C.
  Email: spackman@archerlaw.com

Investment Banker / CRO:

• DuFrayne LLC (Michael DuFrayne)

Singapore Insolvency Counsel:

• Oon & Bazul LLC

Oil, Mineral, Gas, and Real Estate Counsel:

• McCarn, Weir, & Sherwood P.C.

Claims Agent:

• Kurtzman Carson Consultants, LLC dba Verita Global

Equity Security Holders:

• Zhibiao (Kevin) Pan – 100% Equity Interest

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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