CoinDesk
Brussels-based digital asset services firm Keyrock has been declared the successful bidder for bankrupt crypto trading and lending platform BlockFills, agreeing to a $3.25 million purchase price subject to court approval, according to a bankruptcy filing and a Keyrock spokesperson. The acquisition is scheduled for a court hearing on June 16, 2026, and still requires regulatory sign-off, but it would transfer substantially all of BlockFills' assets, certain liabilities, equity interests, customer lists and proprietary technology to Keyrock.
BlockFills' Chicago-based operator Reliz Ltd. and three affiliated entities filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware on March 15, reporting assets between $50 million and $100 million against liabilities of $100 million to $500 million. CoinDesk reported in February the firm had suffered roughly $75 million in losses and was seeking a buyer or emergency financing after suspending customer withdrawals and deposits earlier that month.
Why it matters
The deal is a discount rescue: BlockFills' 2025 trading volume exceeded $60 billion, up 28% year-on-year, and the firm served around 2,000 institutional clients including hedge funds, asset managers, market makers and mining companies. Keyrock is paying $3.25 million for access to that client book plus the lending, derivatives and OTC technology stack, a fraction of the firm's reported revenue scale and a rounding error against the $100M-$500M liability pile. The bankruptcy shell also lets the buyer acquire institutional counterparty relationships and licensed infrastructure without inheriting unsecured creditor claims.
Market impact
The acquisition extends a clear expansion track for Keyrock: the firm closed a Series C at a $1.1 billion valuation led by Standard Chartered's SC Ventures, then bought Luxembourg-based fund manager Turing Capital in September to push into asset and wealth management. Adding BlockFills layers institutional lending, derivatives and OTC execution onto that base, putting Keyrock among the more full-stack European digital asset prime brokers.
Frequently asked questions
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What is Keyrock buying from BlockFills?
Keyrock is acquiring substantially all of BlockFills' assets, certain liabilities, equity interests, customer lists and proprietary technology for $3.25 million, subject to court and regulatory approval. The deal includes the firm's lending, derivatives and OTC trading infrastructure and its roughly 2,000…
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Why did BlockFills file for bankruptcy?
BlockFills' operator Reliz Ltd. and three affiliates filed voluntary Chapter 11 petitions on March 15, 2026 in the U.S. Bankruptcy Court for the District of Delaware, after reporting roughly $75 million in losses. The firm had suspended customer withdrawals and deposits earlier that month, citing challenging market…
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How large is BlockFills' institutional client base?
According to the firm, BlockFills served approximately 2,000 institutional clients including hedge funds, asset managers, market makers and mining companies. It reported 2025 trading volume exceeding $60 billion, a 28% year-on-year increase.
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What is the timeline for the Keyrock deal to close?
A court hearing to consider approval of the sale is scheduled for June 16, 2026, with the bankruptcy filing naming Keyrock as the successful bidder dated May 26, 2026. Final completion remains subject to court approval and the regulatory approvals referenced in Keyrock's bid.
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How does this fit into Keyrock's broader expansion strategy?
Keyrock raised a Series C at a $1.1 billion valuation led by SC Ventures, Standard Chartered's venture arm, and acquired Luxembourg-based fund manager Turing Capital in September 2025 to expand into asset and wealth management. The BlockFills deal adds institutional lending, derivatives and OTC execution to that base,…
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