Blockfills Faces $75M Loss Amid Crypto Market Downturn, Seeks Buyer

Blockfills, a Chicago-based crypto lender backed by trading giant Susquehanna, has reportedly suffered losses of approximately $75 million during the recent cryptocurrency market downturn. According to sources familiar with the situation, the firm is now exploring a potential sale as it works to stabilize operations. Blockfills declined to comment on the reported losses.

The institutional crypto trading and lending platform recently suspended deposits and withdrawals, raising concerns across the digital asset industry. In a Feb. 11 press release, management stated it is actively engaging with investors and clients to restore liquidity and reach a swift resolution. While withdrawals remain paused, clients can continue trading spot and derivatives positions under select conditions.

Blockfills has positioned itself as a major liquidity provider in the crypto market, servicing nearly 2,000 institutional clients, including hedge funds, asset managers, and crypto mining companies. The company reported more than $60 billion in trading volume in 2025, marking a 28% increase compared to 2024. Despite this growth, broader market volatility appears to have weighed heavily on its balance sheet.

The situation echoes the 2022 crypto winter, when firms such as Celsius, BlockFi, and Genesis halted withdrawals amid collapsing digital asset prices. In early 2026, the crypto market remains under pressure. Bitcoin is trading below $70,000 after retreating from late-2025 highs, while Ethereum remains under $2,000, reflecting cautious investor sentiment and ongoing risk aversion.

Blockfills previously raised $37 million in a Series A funding round in January 2022, led by Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo. The raise brought its total funding to $44 million since its founding in 2018. As the crypto lending sector faces renewed stress, market participants are closely watching whether Blockfills can secure a buyer and restore platform stability.