Keyrock Acquires BlockFills for $3.25 Million, Pending Court Approval

Keyrock, a Brussels-based digital asset services firm, is in the process of acquiring bankrupt crypto trading and lending firm BlockFills, with the deal subject to court approval.

“Crypto investment firm Keyrock is acquiring bankrupt lender Blockfills The Brussels-based digital asset services firm plans to purchase BlockFills months after the Chicago-based company filed for Chapter 11 bankruptcy, if a court approves”

@coindesk

CoinDesk reported that Keyrock agreed to a purchase price of $3.25 million and will assume "substantially all" of BlockFills' assets, certain liabilities, some of its equity interests, customer lists and its proprietary technology and intellectual property.

@coindesk

A Keyrock spokesperson told CoinDesk that "A hearing to consider approval of the sale is currently scheduled for June [16,] 2026," while parties continue to collaborate on the administrative process to complete the transaction.

CoinDesk said BlockFills provides institutional clients with liquidity, financing and risk-management services, including crypto lending and borrowing, derivatives trading, and over-the-counter (OTC) execution, and that its customer base includes hedge funds, asset managers, market makers and mining companies.

CoinDesk also reported that on March 15, Reliz Ltd., the operator of BlockFills, and three affiliated entities filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware, with assets between $50 million and $100 million against liabilities of $100 million to $500 million.

CoinDesk said the Chapter 11 filing followed Reliz Ltd. consulting "all stakeholders" and that the firm decided to file for bankruptcy to preserve value and maximize recoveries for stakeholders.

In the official statement cited by CoinDesk, BlockFills said, "This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process," as it sought to manage the case through the court process.

Whalesbook

CoinDesk reported that earlier in February it had suffered losses of roughly $75 million and was seeking either a buyer or emergency financing, and that it later announced it was suspending customer withdrawals and deposits.

CoinDesk also said that according to BlockFills, trading volume exceeded $60 billion in 2025, a 28% increase from the previous year, and that the firm served approximately 2,000 institutional clients.

The Whalesbook account framed the same transaction as a distressed sale, saying the $3.25 million acquisition price tag represented a stark valuation collapse for an entity that claimed over $60 billion in trading volume just one year prior.

Keyrock’s planned purchase would give it access to BlockFills’ institutional client network, which CoinDesk said includes hedge funds, asset managers, market makers and mining companies.

“Keyrock, a Brussels-based digital asset services firm, is in the process of acquiring bankrupt crypto trading and lending firm Blockfills, according to two people with knowledge of the matter”

CoinDesk

CoinDesk reported that Keyrock is a Brussels-based digital asset services firm that provides market making, liquidity, OTC trading and infrastructure solutions to crypto exchanges, institutions and token issuers, positioning the acquisition as an expansion of its services.

The Whalesbook account said Keyrock is moving beyond its traditional liquidity provision roots to become a full-service institutional financial gatekeeper, and it described the acquisition as integrating OTC execution and derivatives technology previously utilized by Blockfills’ 2,000-strong client base.

Whalesbook also said the acquisition is "not without significant structural risk," adding that Keyrock would be inheriting a client base that experienced the catastrophic failure of BlockFills' lending and borrowing services.

In the same Whalesbook account, the firm pointed to "the $75 million in losses cited during the Chapter 11 proceedings" and warned that if Keyrock attempts to revive or maintain BlockFills’ credit-centric products, it risks inheriting the same market-risk exposure that rendered BlockFills insolvent.