The Dutch company's trustees will seek a third party to buy the company's assets and continue its activities.
A Dutch court has declared the independent e-bike maker VanMoof bankrupt, the company said in a statement.
The trustees will try to sell the assets to a third party that wants to continue the company's work.
VanMoof was founded by two Dutch brothers and had touted itself as one of "Europe's fastest-growing companies".
The bicycle maker had previously raised hundreds of millions of euros in 2020 and 2021 as more people turned to cycling during the pandemic.
The e-bike company said their bikes will remain functional and that they will try to keep the app online.
But "as unforeseen circumstances could arise, we advise you to create a backup unlock code so you can unlock your bike through the buttons on your handlebar," the company added in a statement on the website.
Repairs are not possible in the Netherlands at the moment and the company is exploring the impact of the Dutch bankruptcy on other legal entities of the e-bike maker.
The e-bikes start at around €2,000 each with the wiring and battery integrated inside the bicycle.