A three-month-old company with ties to one of the biggest promoters of the virtual currency bitcoin has filed for bankruptcy protection with less than $50,000 in assets.

Alydian Inc., a unit of CoinLab Inc., on Friday filed for Chapter 11 protection in U.S. bankruptcy court in Seattle. The 10-page court filing didn't disclose why Alydian filed for bankruptcy or how it hopes to repay its debts.

CoinLab...