Brussels-based market maker Keyrock completed its acquisition of BlockFills' institutional trading and brokerage assets after a U.S. bankruptcy judge approved the transaction in June. BlockFills collapsed following a reported $75 million lending loss that emerged in February, leading the firm to freeze deposits and withdrawals and enter Chapter 11 bankruptcy protection in March. Keyrock CEO Kevin de Patoul confirmed the deal's completion on X on July 16, with court filings showing Keyrock paid $3.25 million for substantially all of BlockFills' assets while assuming certain liabilities, customer relationships, and proprietary technology.
BlockFills Collapse Timeline and Sale Terms
BlockFills froze deposits and withdrawals in February after the $75 million lending loss came to light. Co-founder and CEO Nicholas Hammer stepped down as the firm began searching for a buyer or strategic partner. The company entered Chapter 11 bankruptcy protection in March.
U.S. bankruptcy court filings show Keyrock agreed to pay $3.25 million for substantially all of BlockFills' assets while assuming certain liabilities, customer relationships, equity interests, and proprietary technology. The bankruptcy judge approved the transaction in June, closing a months-long sale process.
Keyrock Acquires Derivatives Talent and Regulatory Licenses
The acquisition brings Perry Parker, a former Goldman Sachs and Deutsche Bank executive who led institutional options at BlockFills, into Keyrock alongside Dan Schak, who oversaw risk and trading operations. Additional staff across trading, operations, and commercial functions will also transfer.
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," according to the company's announcement. He pointed to BlockFills' institutional derivatives expertise and trading technology as central to the transaction's strategic value.
The transaction expands Keyrock's regulatory footprint through a CIMA-registered entity in the Cayman Islands and includes the proposed acquisition of an FCA-authorized entity in the United Kingdom, subject to regulatory approval.
Strategic Value Analysis
Keyrock reached a $1.1 billion valuation in a March Series C led by Standard Chartered's SC Ventures. The firm paid $3.25 million for the BlockFills assets, representing roughly 0.3% of its own valuation. The purchase includes a derivatives platform, institutional client book, and two additional regulatory licenses.
The purchase price does not reflect the full cost; assumed liabilities, technology integration, and staff onboarding will add to the final bill. Keyrock said it will integrate the acquired operations in phases and communicate directly with clients as services come online. The company has continued building services covering liquidity, OTC execution, derivatives, credit, on-chain markets, and asset management since the Series C closed.
FAQ
What did Keyrock acquire from BlockFills?
Keyrock acquired substantially all of BlockFills' institutional trading and brokerage assets for $3.25 million, including customer relationships, proprietary technology, equity interests, and certain liabilities. The transaction also includes a CIMA-registered entity in the Cayman Islands and a proposed FCA-authorized entity in the United Kingdom subject to regulatory approval.
Why did BlockFills collapse?
BlockFills collapsed after a reported $75 million lending loss came to light in February. The firm froze deposits and withdrawals, co-founder and CEO Nicholas Hammer stepped down, and the company entered Chapter 11 bankruptcy protection in March.
Who joined Keyrock from BlockFills?
Perry Parker, a former Goldman Sachs and Deutsche Bank executive who led institutional options at BlockFills, joined Keyrock alongside Dan Schak, who oversaw risk and trading operations. Additional staff across trading, operations, and commercial functions also transferred to Keyrock.
