Brussels-based digital asset services firm KeyRock is in the process of acquiring bankrupt crypto trading and lending firm Blockfills, according to two people with knowledge of the matter.
A KeyRock spokesperson told CoinDesk that the acquisition is subject to court approval. According to the bankruptcy filing, KeyRock agreed to a purchase price of $3.25 million, and will assume “substantially all” of Blockfill’s assets, certain liabilities, certain of its equity interests, 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 the ‘successful bidder’ for certain assets of Release 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 complete the transaction. Additionally, the final closing of the transaction is subject to final court approval and appropriate regulatory approvals as referenced in KeyRock’s bid,” he said.
Blockfills provides liquidity, funding and risk-management services to institutional clients, including crypto lending and borrowing, derivatives trading and over-the-counter (OTC) execution. Its client base includes hedge funds, asset managers, market makers and mining companies. KeyRock is a Brussels-based digital asset services firm that provides market making, liquidity, OTC trading and infrastructure solutions to crypto exchanges, institutions and token issuers.
Representatives for Blockfills did not respond to a request for comment by press time.
On March 15, Blockfills operator Release Ltd. and three affiliated entities filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. Court filings showed the release reported assets between $50 million and $100 million against liabilities of $100 million to $500 million.
An official statement at the time said the company decided to apply for bankruptcy after consulting all stakeholders.
“After extensive discussions with investors, customers, creditors and other stakeholders, Blockfils has determined that a voluntary Chapter 11 filing is the most responsible path to preserve the value of the business and maximize recovery for stakeholders. This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through a court-supervised process.”
CoinDesk reported in February that the Chicago-based firm had lost about $75 million and was looking for a buyer or emergency financing.
Earlier that month the company had announced it was suspending customer withdrawals and deposits, citing challenging 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 is set to exceed $60 billion in 2025, up 28% from last year. The firm said it has served approximately 2,000 institutional clients and is one of the more active desks 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 last acquired Turing Capital, a Luxembourg-based fund manager, to expand into asset and wealth management, it was announced in September.
Read More: Crypto trading firm Blockfills files for bankruptcy