Keyrock acquires bankrupt BlockFills: $3.25 million absorbed from 2,000 institutional clients

European digital asset service provider Keyrock acquires the bankrupt U.S. crypto lending giant BlockFills for $3.25 million; a ruling is expected from the Delaware bankruptcy court on June 16.
(Background: OTC giant BlockFills files for bankruptcy! $75 million lending losses, assets of 2,000 institutional clients frozen)
(Additional context: Two months, 10 DeFi protocols shut down—no technical issues but no users: liquidity is the only moat)

Table of Contents

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• Trading Architecture
• The Bankruptcy Trajectory of BlockFills
• Keyrock’s Expansion Blueprint
• Observations on the Asian Market

European digital asset service provider Keyrock is set to incorporate the bankrupt U.S. crypto lending firm BlockFills into its portfolio with a $3.25 million purchase, a deal likely to be approved by the Delaware bankruptcy court in mid-June.

Trading Architecture

According to the bankruptcy court filings submitted on May 26, Keyrock SA has been designated as the “successful bidder” for the parent company of BlockFills, Reliz Technology Group Holdings Inc. Keyrock agrees to assume most of BlockFills’ assets, some liabilities, certain equity interests, customer lists, and proprietary technology and intellectual property.

The hearing is scheduled for June 16, 2026, with both parties continuing administrative procedures to complete the transaction, which still requires approval from the court and relevant regulators.

The Bankruptcy Trajectory of BlockFills

When BlockFills filed for Chapter 11 bankruptcy protection in the U.S. on March 15, it reported assets ranging from $50 million to $100 million, and liabilities between $100 million and $500 million, with a scale difference of several times.

As early as February, the company had suspended customer deposits and withdrawals, citing deteriorating market conditions leading to liquidity pressure. CoinDesk reported in February that BlockFills faced approximately $75 million in losses and was actively seeking buyers or emergency financing.

However, BlockFills was once one of the most active trading desks in the global institutional crypto lending market, with a trading volume surpassing $60 billion in 2025, serving about 2,000 institutional clients, including hedge funds, asset managers, market makers, and mining companies.

Keyrock’s Expansion Blueprint

Keyrock is a Brussels-based digital asset service provider offering market making, liquidity, OTC trading, and infrastructure solutions.

This acquisition allows Keyrock to rapidly absorb BlockFills’ network of institutional clients, especially hedge funds, asset management firms, market makers, and mining companies—valuable in the relatively flat European crypto market landscape.

In 2025, Keyrock completed a Series C funding round led by Standard Chartered’s venture capital arm, SC Ventures, with a valuation of $1.1 billion. In fall 2025, Keyrock acquired Luxembourg-based fund manager Turing Capital, further expanding its asset and wealth management footprint.

Observations on the Asian Market

Keyrock’s acquisition of core assets and customer lists from BlockFills for $3.25 million represents a significant deep discount relative to its balance sheet scale. Such deals are not uncommon in crypto institutional services, but BlockFills’ size makes this restructuring particularly noteworthy.

Among BlockFills’ 2,000 institutional clients are many transnational Asian hedge funds and market makers. If Keyrock can successfully take over and stabilize the service chain, Asian institutional clients may gain access to more stable European infrastructure providers.

This move also highlights the trend of “the active rule the market” in crypto finance: behind the $1.1 billion valuation in Series C, Keyrock is expanding at low cost through bankruptcy restructuring rather than large cash acquisitions. This strategy is especially pragmatic in 2026, with high interest rates and tightening institutional capital.