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.

What to know:

• Keyrock is acquiring bankrupt crypto trading and lending firm BlockFills for $3.25 million, subject to court approval.
• BlockFills filed for Chapter 11 bankruptcy in March, reporting between $100 million and $500 million in liabilities but only between $50 million and $100 million in assets.
• The acquisition will give Keyrock access to BlockFills' institutional client network, which 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.

A Keyrock spokesperson told CoinDesk that the acquisition is subject to court approval. According to a bankruptcy filing, 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.

"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," a Keyrock spokesperson said in a statement.

"A hearing to consider approval of the sale is currently scheduled for June [16,] 2026. 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," they added.

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

Representatives for BlockFills did not return a request for comment by press time.

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. The court filing showed Reliz reporting assets between $50 million and $100 million against liabilities of $100 million to $500 million.

The firm decided to file for bankruptcy after consulting all stakeholders, it said in an official statement at the time.

"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," it said.

CoinDesk reported in February that the Chicago-based firm had suffered losses of roughly $75 million and was seeking either a buyer or emergency financing.

Earlier that the month the company announced that it was suspending customer withdrawals and deposits, citing challenging market and financial conditions. At the time, BlockFills said it was working with investors and clients to restore liquidity and reach a resolution.

According to Blockfills, trading volume exceeded $60 billion in 2025, a 28% increase from the previous year. The firm said it served approximately 2,000 institutional clients and ranked among the more active desks in the institutional crypto lending and borrowing market.

The acquisition comes months after Keyrock raised a Series C round led by SC Ventures, Standard Chartered's venture capital arm, at a $1.1 billion valuation.

It acquired Turing Capital, a fund manager based in Luxembourg, last fall, in a push to expand into asset and wealth management, it announced in September.

Read more: Crypto trading firm BlockFills files for bankruptcy

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