Keyrock to Acquire Bankrupt Crypto Firm BlockFills for $3.25 Million

• Keyrock has been named the successful bidder for the assets of bankrupt crypto trading and lending firm BlockFills, agreeing to a purchase price of $3.25 million pending court approval.
• BlockFills, operated by Reliz Ltd., filed for Chapter 11 in March 2026 after disclosing roughly $75 million in losses and suspending customer withdrawals.
• A U.S. bankruptcy court hearing scheduled for June 16, 2026, will determine whether the sale proceeds.

Keyrock, a Brussels-based digital asset services firm, has been declared the successful bidder for the assets of bankrupt crypto trading and lending firm BlockFills, agreeing to a purchase price of $3.25 million. The Keyrock BlockFills acquisition was disclosed this week through a bankruptcy filing and remains subject to approval from a U.S. court and relevant regulators.

The proposed deal would hand Keyrock substantially all of BlockFills’ assets, along with certain liabilities, some equity interests, customer lists, and the firm’s proprietary technology and intellectual property. The acquisition reflects a broader consolidation across the digital asset sector, where market makers and infrastructure providers have absorbed weaker rivals after last year’s market downturn.

A Keyrock spokesperson said in a statement that the company “has been declared the ‘Successful Bidder'” for certain assets of Reliz Technology Group Holdings Inc. and its affiliated debtors, citing a bankruptcy court document filed on May 26, 2026. The spokesperson added that a hearing to consider approval of the sale is scheduled for June 16, 2026.

BlockFills, operated by Reliz Ltd., filed voluntary Chapter 11 petitions on March 15, 2026, in the U.S. Bankruptcy Court for the District of Delaware, alongside three affiliated entities. Court filings showed the company reporting assets between $50 million and $100 million against liabilities of $100 million to $500 million. The firm disclosed losses of roughly $75 million in the period leading up to the filing.

The Chicago-based company had built its business as an institutional trading desk offering crypto lending and borrowing, derivatives trading, over-the-counter execution, and risk-management services. BlockFills said it served roughly 2,000 institutional clients across more than 95 countries, including hedge funds, asset managers, market makers, and mining companies. The firm reported trading volume above $60 billion in 2025, a 28% increase from the prior year.

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Trouble surfaced for the firm earlier in 2026. BlockFills suspended customer deposits and withdrawals in February, citing market and financial conditions, and later described its bankruptcy filing as “the most responsible path forward” for stakeholders. Backers of the company had included Susquehanna Private Equity Investments and the venture arm of CME Group.

For Keyrock, the purchase would extend an aggressive year of expansion. The firm completed a Series C round in March 2026 at a $1.1 billion valuation, led by SC Ventures, the venture arm of Standard Chartered, with participation from Ripple. Founded in 2017 and led by chief executive Kevin de Patoul, Keyrock provides market making, OTC trading, options, and asset management, and it acquired Luxembourg-based fund manager Turing Capital last September to launch a wealth-management division.

The Delaware bankruptcy court will weigh approval of the sale on June 16, 2026. A green light would transfer BlockFills’ client relationships and trading technology to Keyrock and offer creditors a path to recover value from the estate, with the timing of any regulatory sign-off still unresolved.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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