Keyrock, a digital asset services firm based in Brussels, is set to acquire the bankrupt crypto trading and lending company Blockfills for $3.25 million, pending court approval.
Details of the Acquisition
The acquisition comes months after Blockfills, located in Chicago, filed for Chapter 11 bankruptcy in March, disclosing liabilities between $100 million and $500 million while holding assets estimated between $50 million and $100 million.
- The purchase, which is contingent upon court approval, will allow Keyrock to take control of nearly all Blockfills' assets, certain liabilities, customer lists, equity interests, and proprietary technology.
- Keyrock confirmed its status as the 'Successful Bidder' for Blockfills' assets, as stated in a bankruptcy court document filed on May 26, 2026.
- A court hearing to approve the sale is scheduled for June 16, 2026. The completion of the transaction remains subject to court and regulatory approvals.
Blockfills has offered institutional clients services such as liquidity, financing, risk management, and over-the-counter (OTC) trading. Its clientele includes hedge funds, asset managers, and mining companies. Meanwhile, Keyrock specializes in market making, liquidity provision, OTC trading, and infrastructure solutions for crypto exchanges and institutions.
Representatives from Blockfills did not respond to requests for comment.
In March, Blockfills' parent company, Reliz Ltd., along with three affiliates, filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware, stating significant liabilities compared to its assets.
In an official statement, Blockfills indicated that the decision to file for bankruptcy followed consultations with investors and stakeholders, asserting that it was the most prudent course of action to preserve business value and maximize stakeholder recoveries.
Reports earlier this year indicated that Blockfills had incurred losses of around $75 million and was actively seeking a buyer or emergency funding. Additionally, the firm had temporarily halted customer withdrawals and deposits due to adverse market conditions.
In 2025, Blockfills reported a trading volume of over $60 billion, marking a 28% rise from the previous year, and served about 2,000 institutional clients, making it a notable player in the crypto lending and borrowing market.
This acquisition follows Keyrock's recent Series C funding round led by SC Ventures, which valued the firm at $1.1 billion. Last fall, Keyrock also acquired Turing Capital, a Luxembourg-based fund manager, as part of its expansion into asset and wealth management.
Read more: Crypto trading firm BlockFills files for bankruptcy