Keyrock, a digital asset services firm based in Brussels, is set to acquire Blockfills, a Chicago-based crypto trading and lending company that recently filed for Chapter 11 bankruptcy. The acquisition, which is contingent upon court approval, involves a purchase price of $3.25 million and includes the assumption of most of Blockfills’ assets and certain liabilities.
A spokesperson for Keyrock confirmed the acquisition, stating that they have been designated the ‘Successful Bidder’ for specific assets of Reliz Technology Group Holdings Inc., the parent company of Blockfills. A court hearing to evaluate the sale is scheduled for June 16, 2026. The spokesperson emphasized that the completion of the transaction is subject to final court and regulatory approvals.
Blockfills specializes in providing liquidity, financing, and risk management services to institutional clients, including hedge funds and asset managers. Its offerings encompass crypto lending, derivatives trading, and over-the-counter (OTC) execution. In 2025, Blockfills reported trading volumes exceeding $60 billion, a 28% increase from the previous year, and served around 2,000 institutional clients.
The bankruptcy filing by Reliz Ltd. and its affiliates occurred on March 15 in the U.S. Bankruptcy Court for the District of Delaware. According to the filing, Reliz reported assets between $50 million and $100 million, with liabilities ranging from $100 million to $500 million. The decision to file for bankruptcy followed consultations with various stakeholders, including investors and creditors.
Blockfills stated that the Chapter 11 filing was a necessary step to preserve the business’s value and maximize recoveries for stakeholders. The firm aimed to implement an orderly restructuring while ensuring transparency through the court-supervised process. Prior to the bankruptcy filing, Blockfills had suspended customer withdrawals and deposits due to challenging market conditions and reported losses of approximately $75 million.
Keyrock’s acquisition of Blockfills follows its recent Series C funding round, which was led by SC Ventures, the venture capital arm of Standard Chartered, valuing the company at $1.1 billion. Additionally, Keyrock had previously acquired Turing Capital, a Luxembourg-based fund manager, as part of its strategy to expand into asset and wealth management.
Keyrock is acquiring Blockfills for $3.25 million following the latter's Chapter 11 bankruptcy filing. The deal will include most of Blockfills' assets and is pending court approval.