Keyrock Moves to Acquire Bankrupt Crypto Firm BlockFills for $3.25 Million

Brussels-based digital asset services company Keyrock is set to acquire significant assets of bankrupt crypto trading and lending firm BlockFills in a deal valued at $3.25 million, pending court and regulatory approval.

According to bankruptcy documents and sources familiar with the transaction, Keyrock has been named the successful bidder for certain assets owned by Reliz Technology Group Holdings Inc., the parent company of BlockFills, along with affiliated debtors. The proposed acquisition includes substantially all of BlockFills’ assets, selected liabilities, customer relationships, equity interests, proprietary technology, and intellectual property.

A Keyrock spokesperson confirmed that the company has been officially designated as the successful bidder in court filings submitted on May 26, 2026. The transaction remains subject to approval by the U.S. Bankruptcy Court, with a hearing scheduled for June 16, 2026. Regulatory clearances are also required before the acquisition can be finalized.

BlockFills is a well-known institutional cryptocurrency trading platform that provides liquidity solutions, crypto lending and borrowing services, derivatives trading, risk management products, and over-the-counter (OTC) execution. Its client base includes hedge funds, asset managers, mining companies, and market makers. Keyrock, meanwhile, specializes in crypto market making, liquidity provision, OTC trading, and digital asset infrastructure services for exchanges and institutional investors.

The acquisition follows BlockFills’ Chapter 11 bankruptcy filing in March 2026. Court records showed the company reported assets between $50 million and $100 million while liabilities ranged from $100 million to $500 million. The company stated that restructuring under court supervision was the best option to preserve value and maximize recoveries for stakeholders.

Earlier reports revealed that the Chicago-based firm had suffered approximately $75 million in losses and was exploring strategic alternatives, including a sale or emergency financing. The company also suspended customer withdrawals and deposits amid liquidity challenges.

Despite its financial troubles, BlockFills reported more than $60 billion in trading volume during 2025, representing a 28% year-over-year increase. The firm served roughly 2,000 institutional clients and maintained a strong presence in the institutional crypto lending market.

The proposed purchase marks another major expansion step for Keyrock. The company recently completed a Series C funding round led by SC Ventures, the venture capital arm of Standard Chartered, achieving a valuation of $1.1 billion. In addition, Keyrock expanded its presence in asset and wealth management through its acquisition of Luxembourg-based Turing Capital in 2025.

If approved, the BlockFills acquisition could strengthen Keyrock’s position in the institutional cryptocurrency market while preserving valuable technology, client relationships, and trading infrastructure from one of the industry's notable distressed firms.