Image Credit: BlockFills
Key Takeaways
- Keyrock agreed to buy most BlockFills assets.
- The deal remains subject to court approval.
- BlockFills filed for Chapter 11 in March 2026.
Keyrock is acquiring bankrupt crypto trading and lending company BlockFills for $3.25 million, according to bankruptcy filings and statements from the Brussels-based firm. The transaction remains subject to court and regulatory approval following BlockFills’ Chapter 11 filing earlier this year.
Bankruptcy Filing Details Proposed Asset Purchase
According to a filing in U.S. Bankruptcy Court, Keyrock agreed to purchase “substantially all” of BlockFills’ assets as part of the proposed transaction. The deal also includes certain liabilities, portions of the company’s equity interests, customer lists, proprietary technology, and intellectual property. A spokesperson for Keyrock confirmed the bid in a statement:
“We can confirm that, as set out in the official Bankruptcy Court document filed on 26 May 2026, Keyrock SA has been declared the ‘Successful Bidder’ for certain assets of Reliz Technology Group Holdings Inc. and its affiliated debtors.”
The spokesperson added that a hearing to consider approval of the transaction is scheduled for June 16, 2026. He also said that in the meantime, parties continue to collaborate on the administrative process to complete the transaction.
Furthermore, final completion of the transaction remains subject to final court approval and the appropriate regulatory approvals referenced in Keyrock’s bid, the spokesperson said. Representatives for BlockFills did not respond to a request for comment by press time.
BlockFills Filed For Chapter 11 In March
On March 15, Reliz Ltd., the operator of BlockFills, along with three affiliated entities, filed voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware. Court filings showed the company reporting between $50 million and $100 million in assets against liabilities ranging from $100 million to $500 million.
At the time of the filing, the company said the decision followed discussions with investors, clients, creditors, and other stakeholders, stating:
“After extensive discussions with investors, clients, creditors, and other stakeholders, BlockFills has determined that a voluntary chapter 11 filing is the most responsible path forward in order to preserve the value of the business and maximize recoveries for stakeholders. This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process.”
Earlier this year, CoinDesk reported that the Chicago-based company had sustained losses of approximately $75 million and was seeking either emergency financing or a buyer. Before the bankruptcy filing, BlockFills announced that it was suspending customer withdrawals and deposits, citing difficult market and financial conditions. The company said at the time that it was working with investors and clients to restore liquidity and reach a resolution.
Acquisition Expands Keyrock’s Institutional Reach
BlockFills provides institutional services including crypto lending and borrowing, derivatives trading, over-the-counter execution, liquidity, financing, and risk-management products. According to the company, its client base includes hedge funds, market makers, asset managers, and mining companies.
The firm said trading volume exceeded $60 billion in 2025, representing a 28% increase from the prior year. BlockFills also said it served roughly 2,000 institutional clients and ranked among the more active firms in the institutional crypto lending and borrowing market.
Keyrock operates market-making, liquidity, OTC trading, and infrastructure businesses serving crypto exchanges, institutions, and token issuers.
Keyrock Continued Expansion Through Acquisitions And Fundraising
The BlockFills transaction follows a Series C fundraising round completed by Keyrock earlier this year. The financing round was led by SC Ventures and valued Keyrock at $1.1 billion.
The acquisition also follows Keyrock’s purchase of Turing Capital last fall as part of its expansion into asset and wealth management, according to a September announcement from the company.
