Keyrock closes deal for BlockFills’ institutional trading and brokerage assets
Crypto infrastructure and capital markets 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. 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, according to the announcement.
"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."
Keyrock’s announcement does not disclose the purchase price. According to earlier court filings and reporting, Keyrock was selected as the buyer for $3.25 million in BlockFills’ Chapter 11 bankruptcy process.
Chicago-based BlockFills filed for Chapter 11 bankruptcy earlier in 2026 after suffering significant losses from a February crypto market crash.
A Keyrock representative told The Block "the aggregate purchase price" is $3.25 million divided in two tranches, "as there's a series of contingencies, subject to regulatory approval."
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.
