Keyrock to Acquire Blockfills Amid Bankruptcy Proceedings
Crypto investment firm Keyrock is acquiring bankrupt lender Blockfills
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Keyrock, a Brussels-based crypto investment firm, is set to acquire the bankrupt lender Blockfills for $3.25 million, pending court approval. Blockfills filed for Chapter 11 bankruptcy in March, with liabilities between $100 million and $500 million, while its assets were estimated at $50 million to $100 million.
- 01Keyrock's acquisition of Blockfills includes assuming most of its assets and certain liabilities.
- 02Blockfills reported between $100 million and $500 million in liabilities and $50 million to $100 million in assets at the time of its bankruptcy filing.
- 03The acquisition will provide Keyrock access to Blockfills' institutional client network, which includes hedge funds and asset managers.
- 04Blockfills had previously suspended customer withdrawals and deposits due to financial difficulties.
- 05Keyrock recently raised a Series C funding round, valuing the firm at $1.1 billion, and aims to expand its asset management capabilities.
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Keyrock, a digital asset services firm based in Brussels, is in the process of acquiring the bankrupt crypto trading and lending firm Blockfills for $3.25 million, pending court approval. Blockfills, which filed for Chapter 11 bankruptcy in March, reported liabilities between $100 million and $500 million, while its assets were valued between $50 million and $100 million. The acquisition will enable Keyrock to access Blockfills' extensive institutional client network, which includes hedge funds, asset managers, and mining companies. A spokesperson for Keyrock confirmed that they will assume 'substantially all' of Blockfills' assets, certain liabilities, and proprietary technology. Blockfills had previously suspended customer withdrawals and deposits amid financial challenges, reporting losses of approximately $75 million. The acquisition follows Keyrock's recent $1.1 billion valuation after a Series C funding round, as the firm seeks to expand its asset management services.
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The acquisition may stabilize Keyrock's operations and enhance its service offerings in the crypto market.
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