Coin Cloud, one of the largest cryptocurrency ATM operators in the market, has filed for Chapter 11 bankruptcy protection in the United States. The company, formally identified in court documents as Cash Cloud Inc. and operating under the Coin Cloud brand, submitted its voluntary filing in the U.S. Bankruptcy Court for the District of Nevada.
The filing highlights the scale of the company’s financial distress. Coin Cloud estimated that it has between 5,000 and 10,000 creditors. Its assets were listed in a range of $50 million to $100 million, while total liabilities were estimated at $100 million to $500 million. Those figures point to a sizable imbalance between what the company owns and what it owes, placing the crypto ATM operator among the latest digital asset businesses to seek court protection after the sector’s prolonged downturn.
Genesis Global Trading Named Largest Unsecured Creditor
The most significant creditor disclosed in the filing is Genesis Global Trading Inc., which is listed as Coin Cloud’s largest unsecured creditor. According to the bankruptcy documents, Genesis holds a total claim of $116,353,435. After accounting for collateral, the unsecured portion of that claim still amounts to $108,568,655.
The Genesis connection is especially notable because the broader Genesis group has already been pulled into the crypto industry’s ongoing bankruptcy wave. On Jan. 19, Genesis Global Holdco LLC and two of its lending subsidiaries, including Genesis Global Capital, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The earlier filing did not include Genesis Global Trading itself, but it underscored the extent of financial strain surrounding the Genesis ecosystem.
Genesis has also faced regulatory pressure. The U.S. Securities and Exchange Commission alleged that the crypto lender offered and sold unregistered securities to retail investors. While that enforcement action is separate from Coin Cloud’s bankruptcy case, it provides additional context for the broader instability affecting firms tied to lending, trading, and consumer-facing crypto services.
A Large Physical Footprint in Crypto Access
Coin Cloud built its name around physical access points for digital assets. On its website, the company said it operated more than 5,000 two-way crypto ATMs across the U.S. and Brazil. These machines allowed customers to both buy and sell digital assets, making them distinct from one-way kiosks that support purchases only.
The company said its ATMs supported trading in more than 40 cryptocurrencies. The lineup included major assets such as bitcoin, bitcoin cash, litecoin, and ether, along with several stablecoins, gaming tokens, and decentralized finance-related coins. That broad asset menu reflected how crypto ATM operators have tried to expand beyond bitcoin-only services and position themselves as retail on-ramps for a wider digital asset market.
Independent tracking data shows Coin Cloud held a substantial position in the global ATM sector. Coin ATM Radar ranked the company as the second-largest crypto ATM operator, with 4,826 machines. Only Bitcoin Depot ranked higher, with 6,634 machines. The same tracking platform reported a global total of 38,340 crypto ATMs spread across 81 countries.
Another Sign of Pressure Across Crypto Infrastructure
Coin Cloud’s bankruptcy is not an isolated event. It arrives after a period in which multiple high-profile crypto firms entered insolvency or restructuring processes. Companies named in that broader wave include FTX, Core Scientific, Celsius Network, Voyager Digital, Three Arrows Capital, and Blockfi. Together, those failures reshaped market confidence and put pressure on businesses across trading, lending, mining, and infrastructure.
What makes Coin Cloud’s case stand out is its role in the physical distribution layer of the crypto economy. Unlike exchanges and lenders that operate primarily online, crypto ATM companies serve as in-person gateways for users who want cash-based access to digital assets. A bankruptcy involving a major ATM operator therefore raises questions not only about corporate balance sheets, but also about the economics of maintaining large kiosk networks in a volatile market environment.
For retail users, Coin Cloud’s filing may prompt concerns over service continuity, machine availability, and support for buy-and-sell transactions. For the industry, it highlights the reality that even businesses with broad consumer reach and a visible national footprint remain vulnerable to credit exposure, market contractions, and knock-on effects from counterparties under stress.
At a higher level, the case underscores how interconnected the crypto industry has become. A company operating thousands of ATMs ultimately found itself deeply exposed to a major institutional trading and lending counterparty. As bankruptcy courts continue to sort through creditor claims across the sector, Coin Cloud’s filing adds another chapter to the story of how financial contagion spread through multiple layers of the digital asset market.
Whether more crypto ATM operators will face similar pressure remains unclear. But Coin Cloud’s restructuring effort shows that scale alone is not enough to shield a company from balance-sheet deterioration when the wider crypto ecosystem is under strain.