Key Points
- Belgian firm Keyrock emerges as winning bidder with $3.25 million offer for BlockFills assets through bankruptcy proceedings.
- Court documents confirm the transaction covers assets associated with Reliz Technology Group Holdings Inc.
- Purchase encompasses client databases, technology platforms, and selected obligations from BlockFills operations.
- BlockFills entered Chapter 11 protection in March following disclosure of liabilities exceeding reported assets.
- Operations halted withdrawals prior to bankruptcy amid challenging market environment.
Belgian cryptocurrency firm Keyrock has secured an agreement to purchase selected assets from bankrupt digital asset services provider BlockFills, with the transaction awaiting judicial and regulatory clearance.
A representative from Keyrock confirmed the company has been selected as the winning bidder for specific assets connected to Reliz Technology Group Holdings Inc. and related corporate entities.
BlockFills Bankruptcy Timeline
Bankruptcy court documents reveal Keyrock submitted a $3.25 million purchase proposal for the assets. The documentation indicates the Brussels-based firm will acquire the majority of BlockFills’ operational assets, encompassing portions of outstanding obligations, ownership stakes, customer portfolios, and technological infrastructure.
According to the company representative, judicial proceedings to evaluate the asset sale are set for June 16, 2026. The transaction’s finalization depends on authorization from the bankruptcy court and applicable regulatory bodies, while both parties advance through remaining procedural requirements.
The acquisition follows BlockFills’ financial troubles earlier this year. Reliz Ltd., the parent company behind BlockFills, sought Chapter 11 bankruptcy protection on March 15 through the U.S. Bankruptcy Court for the District of Delaware. Filed documentation indicated the company held assets valued between $50 million and $100 million, while facing obligations in the range of $100 million to $500 million.
When initiating bankruptcy proceedings, BlockFills released a public statement explaining the decision to pursue restructuring came after extensive consultations with investment partners, customers, and creditors. Company leadership characterized the Chapter 11 filing as a strategic approach to maintain asset value while enabling organized recovery efforts for affected parties under judicial oversight.
Service Offerings and Business Footprint
BlockFills established itself as a provider of institutional cryptocurrency solutions. The platform delivered market-making services, digital asset lending facilities, derivatives contracts, and private transaction execution for institutional participants including investment funds, portfolio managers, and cryptocurrency mining operations.
Company records show BlockFills processed over $60 billion in transaction volume throughout 2025, marking a 28% rise compared to the prior calendar year. The platform maintained relationships with approximately 2,000 institutional participants across its service infrastructure.
Immediately preceding the bankruptcy filing, BlockFills suspended withdrawal and deposit functionality, referencing adverse market dynamics. Management indicated the company was engaging with various stakeholders to resolve liquidity constraints.
Keyrock’s recent corporate activities provide additional perspective on this acquisition. The Belgian company completed a Series C investment round spearheaded by SC Ventures, Standard Chartered’s innovation division, achieving a $1.1 billion company valuation.
Furthermore, Keyrock announced in September the acquisition of Luxembourg-domiciled Turing Capital, advancing its strategy to expand into asset administration and wealth management services. This BlockFills transaction represents another step in the ongoing consolidation occurring throughout institutional cryptocurrency service markets.
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