Brussels-based digital asset services firm Keylock is in the process of acquiring bankrupt cryptocurrency trading and lending company Blockfils, two people familiar with the matter said.
A Keylock spokesperson told CoinDesk that the acquisition requires court approval. According to the bankruptcy filing, Keylock has agreed to a purchase price of $3.25 million and will assume “substantially all” of Blockfils’ assets, certain debt, a portion of its stock, customer list, proprietary technology and intellectual property.
“We can confirm that Keyrock SA has been declared the ‘winning bidder’ for certain assets of Reliz Technology Group Holdings Inc. and its affiliated debtors, as set forth in official bankruptcy court documents filed on May 26, 2026,” a Keyrock spokesperson said in a statement.
“A public hearing to consider approval of the sale is currently scheduled for June 16, 2026. In the meantime, the parties continue to collaborate on the administrative process to close the transaction. Additionally, the final closing of the transaction remains subject to final court approval and appropriate regulatory approvals referenced in Keylock’s bid,” they added.
BlockFills provides liquidity, funding, and risk management services to institutional clients, including cryptocurrency lending and borrowing, derivatives trading, and over-the-counter (OTC) execution. Its customer base includes hedge funds, asset managers, market makers, and mining companies. Keyrock is a Brussels-based digital asset services company that provides market making, liquidity, OTC trading and infrastructure solutions to cryptocurrency exchanges, institutions and token issuers.
Representatives for BlockFills did not respond to requests for comment by press time.
On March 15, BlockFills operator Reliz Ltd. and three affiliated companies filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, Reliz reports assets of $50 million to $100 million against debts of $100 million to $500 million.
The company said in an official statement at the time that it had decided to file for bankruptcy after consulting with 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 step forward in order to preserve the value of the business and maximize recovery for stakeholders. This filing will allow the company to conduct an orderly restructuring while maintaining transparency and oversight through a court-supervised process,” the company said.
CoinDesk reported in February that the Chicago-based company was suffering losses of about $75 million and was looking for a buyer or emergency financing.
Earlier in the month, the company announced it would suspend withdrawals and deposits for its customers, citing difficult market and financial conditions. At the time, Blockfils said it was working with investors and customers to restore liquidity and reach a resolution.
According to Blockfills, transaction volume in 2025 will exceed $60 billion, an increase of 28% from the previous year. The company said it serves approximately 2,000 institutional clients and ranks as one of the most active desks in the institutional cryptocurrency lending market.
The acquisition comes months after Keyrock raised a Series C round led by Standard Chartered’s venture capital arm SC Ventures at a valuation of $1.1 billion.
It announced in September that it had acquired Luxembourg-based fund manager Turing Capital last fall as it aims to expand into the asset and wealth management field.
Read more: Crypto trading company BlockFills files for bankruptcy
