Crypto infrastructure firm Keyrock has completed its acquisition of BlockFills' institutional trading and brokerage operations. The deal brings Keyrock BlockFills' trading technology, institutional client relationships, and a team of experienced derivatives traders, according to the announcement. BlockFills filed for Chapter 11 bankruptcy earlier in 2026 after suffering significant losses from a February crypto market crash. The acquisition expands Keyrock's regulatory footprint with a CIMA-registered entity in the Cayman Islands and a proposed FCA-authorized entity in the United Kingdom.
Keyrock Acquires BlockFills Assets for $3.25 Million
Keyrock was selected as the buyer for $3.25 million in BlockFills' Chapter 11 bankruptcy process, according to court filings and reporting. A Keyrock representative told The Block the aggregate purchase price is $3.25 million divided in two tranches, as there are a series of contingencies subject to regulatory approval.
The acquisition brings Keyrock BlockFills' trading technology, institutional client relationships, and a team of experienced derivatives traders. It also expands Keyrock's regulatory footprint with a CIMA-registered entity in the Cayman Islands and a proposed FCA-authorized entity in the United Kingdom.
"This acquisition represents an exceptional opportunity to further strengthen our team with outstanding talent and accelerate our global reach in serving institutional counterparties," Juan David Mendieta, co-founder and chief strategy officer of Keyrock, said. "The BlockFills team has built impressive technology and demonstrated exceptional expertise in institutional derivatives."
BlockFills Filed Chapter 11 Bankruptcy Earlier in 2026
Chicago-based BlockFills filed for Chapter 11 bankruptcy earlier in 2026 after suffering significant losses from a February crypto market crash. The company's institutional trading and brokerage operations were subsequently acquired by Keyrock through the bankruptcy process.
Keyrock Raises Series C Funding at $1.1 Billion Valuation
Founded in Brussels in 2017, Keyrock calls itself a "neo-investment group built for digital assets." The firm acts as a market maker for dozens of decentralized and centralized crypto trading platforms and facilitates over-the-counter transactions and options trading.
Keyrock announced earlier this year that it was raising a Series C funding round at a $1.1 billion valuation, led by Standard Chartered's investment arm, SC Ventures, with support from Ripple, a previous backer of the firm. Ripple led Keyrock's last $72 million Series B funding round in 2022.
FAQ
What did Keyrock acquire from BlockFills?
Keyrock acquired BlockFills' institutional trading and brokerage operations, including trading technology, institutional client relationships, a team of experienced derivatives traders, a CIMA-registered entity in the Cayman Islands, and a proposed FCA-authorized entity in the United Kingdom.
How much did Keyrock pay for BlockFills' assets?
Keyrock paid $3.25 million for BlockFills' assets, divided in two tranches with a series of contingencies subject to regulatory approval, according to a Keyrock representative and court filings.
Why did BlockFills file for Chapter 11 bankruptcy?
BlockFills filed for Chapter 11 bankruptcy earlier in 2026 after suffering significant losses from a February crypto market crash.
