Coin Cloud, one of the largest cryptocurrency ATM operators in the market, has filed for Chapter 11 bankruptcy protection in the United States, underscoring how financial stress in the digital asset sector has spread beyond lenders and exchanges to companies providing physical crypto access infrastructure.
The company, formally identified in court records as Cash Cloud Inc. and doing business as Coin Cloud, voluntarily filed for bankruptcy in the U.S. Bankruptcy Court for the District of Nevada. The filing adds another well-known crypto name to the list of distressed firms that have sought court protection following the sector’s prolonged downturn and the collapse of several major counterparties.
Balance Sheet Shows Significant Pressure
According to the bankruptcy filing, Coin Cloud estimated that it has between 5,000 and 10,000 creditors. The company also reported estimated total assets in the range of $50 million to $100 million, while total liabilities were listed between $100 million and $500 million. Those figures point to a substantial mismatch between what the company owns and what it owes.
The filing identifies Genesis Global Trading Inc. as Coin Cloud’s largest unsecured creditor. Genesis is listed with a total claim of $116,353,435. After accounting for collateral, the unsecured portion of that claim stands at $108,568,655. That single exposure highlights the degree to which crypto firms remained financially interconnected during a period of rapidly deteriorating market conditions.
Genesis Connection Adds to Industry Contagion Concerns
The Genesis connection is especially notable given Genesis’s own financial turmoil. On Jan. 19, Genesis Global Holdco LLC and two of its lending subsidiaries, including Genesis Global Capital, filed for Chapter 11 bankruptcy in the Southern District of New York. The report notes that Genesis Global Trading itself was not included in that separate filing.
Genesis had also come under legal pressure from the U.S. Securities and Exchange Commission, which alleged that the crypto lender offered and sold unregistered securities to retail investors. While Coin Cloud’s bankruptcy filing is a distinct legal process, the presence of Genesis as its largest unsecured creditor reinforces the broader narrative of interconnected counterparty risk across the digital asset ecosystem.
Coin Cloud Was a Major Crypto ATM Network
On its website, Coin Cloud says it operates more than 5,000 two-way crypto ATMs across the United States and Brazil. These machines allow customers to both buy and sell digital assets, making them different from one-way kiosks that only support purchases. The company says its machines support more than 40 cryptocurrencies, including bitcoin, bitcoin cash, litecoin, and ether, along with a range of stablecoins, gaming-related tokens, and decentralized finance assets.
That scale made Coin Cloud one of the most visible brands in the crypto ATM business. The company’s footprint suggested a strategy focused on expanding physical access points for digital assets, particularly for users seeking a familiar cash-based on-ramp into crypto markets.
Industry Rankings Show Coin Cloud’s Market Position
Data from crypto ATM tracking site Coin ATM Radar ranked Coin Cloud as the second-largest crypto ATM operator, with 4,826 machines. It trailed only Bitcoin Depot, which the tracker listed with 6,634 machines. Coin ATM Radar also reported that there were 38,340 crypto ATMs operating across 81 countries at the time referenced in the source material.
Those figures illustrate that Coin Cloud was not a fringe operator but a significant participant in a global network of crypto kiosks. Its bankruptcy therefore matters not only for creditors and counterparties, but also for perceptions of the viability of the crypto ATM business model under stressed market conditions.
Another Bankruptcy in a Difficult Period for Crypto Firms
Coin Cloud’s filing comes after a wave of insolvencies that swept through the crypto industry. Other firms that filed for bankruptcy over the previous year included FTX, Core Scientific, Celsius Network, Voyager Digital, Three Arrows Capital, and Blockfi. The addition of a major ATM operator to that list suggests that the fallout from the industry downturn was not limited to trading platforms, miners, or lenders.
Instead, the pressure reached companies serving as consumer-facing gateways into crypto. For the broader market, the case may become a reference point in evaluating how resilient crypto infrastructure providers are when liquidity dries up, counterparties fail, and regulatory scrutiny intensifies.
While the Chapter 11 process is designed to give companies time to reorganize under court supervision, Coin Cloud’s filing makes clear that even large operators with thousands of machines and broad token support were not immune to the cascading effects of the crypto credit crisis.