According to WuSay, Poolin founder Pan Zhibiao sold his Texas-based bitcoin mining and hosting business 'Lonestar Dream' to China Green Agriculture (CGA) for $49 million. CGA is a NYSE-listed company that specializes in humic acid-based compound fertilizers with a market value of $40 million.
At closing, CGA paid $2.45 million down, with $44.1 million due within 90 business days, subject to certain conditions being met. The remaining $2.45 million will be paid within 20 days after Lonestar's auditors complete their 2023 financial audit. It is unclear whether Pan Zhibiao will use the proceeds from the sale to address liquidity issues at Poolin, which has suspended cryptocurrency withdrawals since September 2022.
