According to reports from CoinDesk, Keyrock, a digital-asset services firm, has completed the acquisition of the trading and brokerage assets of BlockFills' institutional digital asset business. The transaction was finalized for $3.25 million, with Keyrock agreeing to pay this amount for substantially all of BlockFills' assets while assuming certain liabilities, equity interests, customer relationships and proprietary technology. The deal adds BlockFills' client relationships, trading technology and derivatives expertise to Keyrock's existing businesses spanning market making, over-the-counter (OTC) trading, options, credit, onchain services and asset management. As reported by Keyrock, the company did not disclose the purchase price in its announcement, but earlier U.S. bankruptcy court filings showed the agreed amount. A U.S. bankruptcy judge approved the sale in June.
As reported by CoinDesk, the acquisition broadens Keyrock's regulatory reach through a CIMA-registered entity in the Cayman Islands and the proposed acquisition of an FCA-authorized entity in the U.K., subject to regulatory approval. The combined platform will offer institutional clients enhanced execution capabilities backed by Keyrock's balance sheet and regulatory infrastructure. Keyrock said it will integrate the business in phases and communicate directly with clients as services are rolled out. The transaction expands Keyrock's regulatory footprint through these entities, giving the company a larger institutional client base and deeper derivatives capabilities while extending its regulatory presence across additional markets.
According to the acquisition announcement, the deal brings several experienced executives to Keyrock, including Perry Parker, a former Goldman Sachs and Deutsche Bank derivatives executive who led institutional options at BlockFills, and Dan Schak, who oversaw risk and trading operations. The broader trading, operations and commercial teams will also join Keyrock. As reported by Keyrock, Perry Parker previously worked at Goldman Sachs and Deutsche Bank and led institutional options at BlockFills, while Dan Schak oversaw risk and trading operations. Other employees across trading, operations and commercial functions will also move to Keyrock as part of the transaction.
As reported by Keyrock, the acquisition strengthens one of its fastest-growing businesses, digital asset derivatives, at a time when institutional demand for options and other crypto trading products continues to expand. 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 pointed to BlockFills' institutional derivatives expertise and trading technology as key parts of the transaction. The company emphasized that the combined platform will offer institutional clients enhanced execution capabilities backed by Keyrock's balance sheet and regulatory infrastructure. The acquisition adds institutional trading clients, derivatives expertise and regulatory licenses as Keyrock looks to deepen its presence in crypto capital markets.
The completed sale follows months of financial pressure at BlockFills. As reported by crypto.news, 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. The acquisition provides Keyrock with specialist staff and client-facing systems in digital asset derivatives, giving the firm more capacity to serve hedge funds, asset managers, market makers and other professional counterparties in this expanding market segment.
