Keyrock buys BlockFills’ institutional trading arm

Keyrock has completed the purchase of BlockFills' institutional trading and brokerage operations, acquiring the firm's trading technology, institutional client relationships and a derivatives trading team.

Court filings in BlockFills' Chapter 11 case show Keyrock was selected as the buyer for an aggregate price of $3.25 million. Keyrock said the consideration is divided into two tranches and that payments and completion are subject to regulatory approvals in the jurisdictions involved. BlockFills, a Chicago-based trading firm, filed for Chapter 11 earlier in 2026 after suffering heavy losses during a February crypto market crash.

The acquisition transfers BlockFills' institutional-grade trading stack and brokerage capabilities to Keyrock, along with a roster of institutional counterparties and a derivatives trading desk. The purchase also adds a Cayman Islands entity registered with the Cayman Islands Monetary Authority and supports Keyrock's plan for a Financial Conduct Authority-authorized entity in the United Kingdom.

Juan David Mendieta, co-founder and chief strategy officer at Keyrock, described the acquisition as “an exceptional opportunity to further strengthen our team with outstanding talent and accelerate our global reach in serving institutional counterparties,” and said the BlockFills team had built strong technology and expertise in institutional derivatives.

Founded in Brussels in 2017, Keyrock operates as a market maker across multiple centralized and decentralized trading venues and facilitates over-the-counter transactions and options trading. In 2026 the firm announced a Series C funding round valuing the company at about $1.1 billion, led by Standard Chartered’s investment arm, SC Ventures, with backing from Ripple. Ripple previously led Keyrock's $72 million Series B in 2022.

The deal's finalization and the timing of tranche payments remain conditional on regulatory approvals in the relevant jurisdictions.