Brussels-based digital asset firm wins auction for Chicago crypto lender’s assets
Keyrock, a Brussels-based digital asset services firm, has been declared the successful bidder for substantially all assets, customer lists, proprietary technology and intellectual property of BlockFills, the Chicago-based crypto lending firm that filed for Chapter 11 bankruptcy in March. The agreed purchase price is $3.25 million, subject to court approval.
A Keyrock spokesperson confirmed the development on June 1, 2026. “We can confirm that, as set out in the official Bankruptcy Court document filed on 26 May 2026, Keyrock SA has been declared the ‘Successful Bidder’ for certain assets of Reliz Technology Group Holdings Inc. and its affiliated debtors,” the spokesperson said, referring to Reliz Ltd., the operator of BlockFills.
A hearing to approve the sale is scheduled for June 16, 2026, in U.S. Bankruptcy Court for the District of Delaware. According to Keyrock, the transaction remains subject to final court approval and regulatory approvals referenced in the company’s bid.
BlockFills suspended customer withdrawals and deposits in early February, citing challenging market and financial conditions. CoinDesk reported in February that the firm had suffered losses of roughly $75 million and was seeking a buyer or emergency financing. Reliz Ltd. and three affiliated entities filed voluntary Chapter 11 petitions in March.
BlockFills serves approximately 2,000 institutional clients, including hedge funds, asset managers, market makers and mining companies. The firm provides liquidity, financing and risk-management services including crypto lending and borrowing, derivatives trading and over-the-counter execution. BlockFills recorded $60 billion in trading volume in 2025, a 28% increase from the previous year.
The acquisition expands Keyrock’s institutional client network and adds established infrastructure to the firm’s existing market-making, liquidity, OTC trading and infrastructure solutions. Keyrock CEO and co-founder Kevin de Patoul did not immediately respond to requests for comment on the acquisition’s strategic rationale.
Reliz Ltd. reported liabilities between $100 million and $500 million, with assets valued between $50 million and $100 million, according to bankruptcy filings. In March, BlockFills stated that “a voluntary chapter 11 filing is the most responsible path forward in order to preserve the value of the business and maximize recoveries for stakeholders.”
Keyrock raised a Series C funding round led by SC Ventures, Standard Chartered’s venture capital arm, at a $1.1 billion valuation. In fall 2025, Keyrock acquired Turing Capital, a Luxembourg-based fund manager, to expand into asset and wealth management.
