Poolin Group of companies has officially filed an application for protection from creditors in order to sell mining assets and subsequently curtail its operations. The documentation was sent on behalf of the Singapore-based Poolin Technology PTE. LTD. and its affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC. According to the court declaration, the management does not plan to keep the business as an operating enterprise, but will focus on conducting a judicial sale of assets. In early July, the company had already suspended mining and hosting operations at the Pyote and Tarbush facilities, leaving minimal staff to ensure security and prepare the sites for implementation.

The debtor's financial position is characterized by a significant imbalance: with estimated assets in the range of 1 to 10 million dollars, total liabilities range from 100 to 500 million dollars, while pre-position debts are estimated at about 173.1 million dollars. In preparation for the auction, the consultants conducted a large-scale three-month search for potential buyers, contacting more than 335 organizations, including data center operators and investment funds. As a result, seven preliminary offers were received, and Thor CALAP LLC submitted an initial bid of $52 million for the acquisition of the rights to electricity and equipment for both facilities, which sets the minimum price target for the upcoming auctions.

Founded in 2017, the company previously held a leading position in the cryptocurrency pool market, however, changing regulatory conditions and the subsequent 2022 liquidity crisis had a critical impact on its business model. Attempts to restructure and expand into new markets have faced serious operational difficulties, including a shortage of dedicated energy capacity and losses from the sale of excess equipment. Currently, the share of Poolin hashrate in the bitcoin network has decreased to 0.24 percent, and the satisfaction of creditors' and wallet holders' claims will directly depend on the total value of the assets sold and the approval of the liquidation plan by the court.