Brussels-based digital asset firm Keyrock is moving forward with its acquisition of BlockFills. The company disclosed that the deal has been identified as the winning bid in U.S. bankruptcy proceedings, but final completion still requires court approval and regulatory clearance.
The acquisition price was $3.25 million.
According to the bankruptcy filings, Keyrock agreed to acquire BlockFills’ assets for $3.25 million, and take over the “vast majority” of its assets, some liabilities, some equity interests, customer list, and proprietary technology and intellectual property.
Keyrock told CoinDesk that a court hearing on the sale will be held on June 16, 2026. Prior to that, the parties are still proceeding with the necessary administrative processes for the transaction.
BlockFills filed for bankruptcy protection in March of this year.
BlockFills' operating entity, Reliz Ltd., and three related entities filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware in March of this year. The filings show that the company declared assets of approximately $50 million to $100 million and liabilities between $100 million and $500 million.
CoinDesk previously reported that the Chicago-based company had already suffered losses of approximately $75 million earlier this year and was seeking a buyer or emergency funding. In February, BlockFills also suspended customer withdrawals and deposits, citing severe market and financial pressures at the time.
Keyrock will connect to institutional client networks.
BlockFills primarily provides liquidity, financing, and risk management services to institutional clients, covering crypto lending, derivatives trading, and over-the-counter execution. Its clients include hedge funds, asset management firms, market makers, and mining companies.
If the transaction is completed, Keyrock will gain access to these institutional clients and complement its existing market-making, liquidity, OTC trading, and infrastructure services capabilities. BlockFills has stated that it expects to handle over $60 billion in trading volume and serve approximately 2,000 institutional clients by 2025.
Keyrock has been expanding in recent months. The company previously completed a Series C funding round led by Standard Chartered Ventures, valuing the company at $1.1 billion; last year it also acquired Luxembourg-based fund management company Turing Capital to expand its asset management and wealth management businesses.
Additional information:BlockFills had not responded to requests for comment as of the time of publication.
