Keyrock Acquires BlockFills Trading Assets to Expand Institutional Crypto Business
On Thursday, Keyrock announced its acquisition of BlockFills' institutional digital asset trading and brokerage assets. This Brussels-based firm will obtain client relationships, trading technology, operational systems, and expertise in derivatives. The agreement encompasses a Cayman Islands entity and a UK FCA-authorized entity, which is subject to regulatory approval. Keyrock intends to improve its offerings in market making, OTC trading, options, credit, onchain solutions, and asset management. This acquisition follows BlockFills' Chapter 11 bankruptcy filing, revealing liabilities between $100 million and $500 million against assets of $50 million to $100 million. Keyrock is set to acquire these assets for around $3.25 million, with executives Perry Parker and Dan Schak joining the team. BlockFills had approximately 2,000 clients and processed over $60 billion in trading volume in 2025.
Key facts
- Keyrock acquired BlockFills' institutional trading and brokerage assets.
- The deal includes a Cayman Islands entity registered with CIMA.
- Keyrock is proposing to acquire a UK FCA-authorized BlockFills entity, pending approval.
- BlockFills filed for Chapter 11 bankruptcy earlier this year.
- BlockFills reported liabilities between $100M and $500M and assets between $50M and $100M.
- Keyrock agreed to purchase substantially all assets for approximately $3.25 million.
- BlockFills served about 2,000 institutional clients and processed over $60 billion in trading volume during 2025.
- Keyrock employs more than 220 people and is based in Brussels.
Entities
Institutions
- Keyrock
- BlockFills
- Cayman Islands Monetary Authority (CIMA)
- Financial Conduct Authority (FCA)
- Goldman Sachs
- Deutsche Bank
- CoinDesk
- NFT Plazas
Locations
- Brussels
- Belgium
- Cayman Islands
- United Kingdom
- Chicago
- United States