Keyrock, a Brussels-based digital asset services company, is acquiring bankrupt cryptocurrency trading and lending firm Blockfills, according to two people with knowledge of the matter.
A Keyrock spokesperson told CoinDesk that the acquisition was 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, certain of its equity interests, its customer lists and its proprietary technology and intellectual property.
“We can confirm that, as stated in the official bankruptcy court document filed on May 26, 2026, Keyrock SA has been declared ‘awarded 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, the parties continue to cooperate on the administrative process to finalize the transaction. Additionally, final completion of the transaction remains subject to final court approval and appropriate regulatory approvals referenced in Keyrock’s offer,” they added.
BlockFills provides liquidity, financing and risk management services to institutional clients, including cryptocurrency lending and borrowing, derivatives trading and over-the-counter (OTC) execution. Its clientele includes hedge funds, asset managers, market makers and mining companies. Keyrock is a Brussels-based digital asset services company 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 at the time of publication.
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 of between $50 million and $100 million against liabilities of between $100 million and $500 million.
The company decided to file for bankruptcy after consulting all stakeholders, it said in an official statement at the time.
“After extensive discussions with investors, customers, creditors and other stakeholders, BlockFills has determined that a voluntary Chapter 11 filing is the most responsible path to preserve the value of the company and maximize recoveries for stakeholders. This filing will allow the company 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 company had suffered losses of around $75 million and was seeking either a buyer or emergency financing.
Earlier that month, the company announced it was suspending customer withdrawals and deposits, citing difficult market and financial conditions. At the time, BlockFills said it was working with investors and customers to restore liquidity and reach a resolution.
According to Blockfills, trading volume exceeded $60 billion in 2025, an increase of 28% from the previous year. The company said it serves approximately 2,000 institutional clients and ranks among the most active offices in the institutional crypto lending and borrowing market.
The acquisition comes months after Keyrock raised a Series C round led by SC Ventures, the venture capital arm of Standard Chartered, at a valuation of $1.1 billion.
It acquired Turing Capital, a Luxembourg-based fund manager, last fall with the aim of expanding into asset and wealth management, it announced in September.
Read more: Crypto trading company BlockFills files for bankruptcy
