Keyrock has completed its acquisition of the trading and brokerage assets of BlockFills’ institutional digital asset business, expanding its reach across crypto market making, over-the-counter trading, options and other capital-market services.
Summary
- Keyrock acquires BlockFills trading assets, adding institutional clients, derivatives expertise and technology to its platform.
- The transaction expands Keyrock’s regulatory reach through Cayman registration and a proposed U.K. FCA entity.
- BlockFills entered bankruptcy after reported losses, while Keyrock now plans phased integration of acquired operations.
The Brussels-based firm said the deal adds BlockFills’ client relationships, trading technology and derivatives expertise to its existing institutional platform.
According to Keyrock’s announcement, the transaction also expands its regulatory footprint through a CIMA-registered entity in the Cayman Islands. It also includes the proposed acquisition of an FCA-authorized entity in the U.K., subject to regulatory approval. Keyrock said the combined business will support institutional clients with trading infrastructure backed by its balance sheet and compliance framework.
The company did not disclose the purchase price in its announcement. However, earlier U.S. bankruptcy court filings showed that Keyrock agreed to pay $3.25 million for substantially all of BlockFills’ assets while assuming certain liabilities, customer relationships, equity interests and proprietary technology. A U.S. bankruptcy judge approved the sale in June.
BlockFills deal strengthens Keyrock’s derivatives business
The acquisition also brings experienced BlockFills staff into Keyrock. Perry Parker, who previously worked at Goldman Sachs and Deutsche Bank and led institutional options at BlockFills, is joining the company alongside Dan Schak, who oversaw risk and trading operations. Other employees across trading, operations and commercial functions will also move to Keyrock.
Keyrock co-founder and chief strategy officer Juan David Mendieta called the deal “an exceptional opportunity to further strengthen our team with outstanding talent and accelerate our global reach.” He also pointed to BlockFills’ institutional derivatives expertise and trading technology as key parts of the transaction.
Keyrock said digital asset derivatives are among its fastest-growing business lines as institutional demand for options and structured trading products expands. The BlockFills assets add specialist staff and client-facing systems in that area, giving the firm more capacity to serve hedge funds, asset managers, market makers and other professional counterparties.
The completed sale follows months of financial pressure at BlockFills. As crypto.news previously reported, the company froze deposits and withdrawals in February after suffering a reported $75 million lending loss. Co-founder and CEO Nicholas Hammer later stepped down as the firm searched for a buyer or strategic partner. BlockFills entered Chapter 11 bankruptcy protection in March.
Meanwhile, the acquisition comes as Keyrock expands its own institutional business. In March, the firm reached a $1.1 billion valuation in a Series C funding round led by Standard Chartered’s SC Ventures. The company has continued to build services covering liquidity, OTC execution, derivatives, credit, onchain markets and asset management.
Keyrock said it will integrate the acquired BlockFills operations in phases and communicate directly with clients as services become available. The deal gives the company a larger institutional client base and deeper derivatives capabilities while extending its regulatory presence across additional markets.