Keyrock Set to Acquire BlockFills Assets Pending Court Approval

TLDR

• Keyrock has agreed to acquire selected BlockFills assets for $3.25 million, pending court and regulatory approval.
• A U.S. Bankruptcy Court filing confirms Keyrock is the successful bidder for assets tied to Reliz Technology Group.
• The deal includes customer lists, proprietary technology, and certain liabilities from BlockFills.
• BlockFills filed for Chapter 11 bankruptcy in March after reporting higher liabilities than assets.
• The firm paused withdrawals before filing and cited difficult market conditions at the time.

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Keyrock has agreed to acquire key assets of bankrupt crypto firm BlockFills, pending court and regulatory approval.

According to a statement from the spokesperson for Keyrock, the firm has been named the successful bidder for selected assets tied to Reliz Technology Group Holdings Inc. and its affiliated entities.

Background on BlockFills Bankruptcy

Details disclosed in a U.S. Bankruptcy Court filing show Keyrock has offered $3.25 million for the transaction. The filing states the firm will take on most of BlockFills’ assets, including parts of its liabilities, equity interests, client relationships, and proprietary systems.

In the same statement, the spokesperson said a court hearing to review the sale is scheduled for June 16, 2026. Completion remains subject to final approval by the court and relevant regulators, with both sides continuing administrative work tied to the transaction.

Earlier developments provide context to the deal. On March 15, Reliz Ltd., which operates BlockFills, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. Court documents listed assets between $50 million and $100 million, against liabilities ranging from $100 million to $500 million.

At the time of filing, BlockFills stated in an official release that it chose restructuring after discussions with investors, clients, and creditors. The company described the process as a way to preserve value and ensure a structured recovery for stakeholders under court supervision.

Operations and Market Position

BlockFills has built its business around institutional crypto services. The firm provides liquidity, lending and borrowing, derivatives trading, and over-the-counter execution for clients such as hedge funds, asset managers, and mining firms.

According to company disclosures, BlockFills handled more than $60 billion in trading volume during 2025, representing a 28% increase from the previous year. The firm also reported serving about 2,000 institutional clients across its platform.

Shortly before the bankruptcy filing, BlockFills announced it had paused withdrawals and deposits, citing difficult market conditions. The company said at the time it was working with stakeholders to address liquidity challenges.

Recent activity from Keyrock adds context to the acquisition. The Brussels-based firm raised a Series C funding round led by SC Ventures, the venture arm of Standard Chartered, at a valuation of $1.1 billion.

In addition, Keyrock confirmed in September that it acquired Luxembourg-based Turing Capital as part of its expansion into asset and wealth management. The latest move places the firm within ongoing restructuring activity across institutional crypto markets.

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