Keyrock has completed its acquisition of the institutional trading and brokerage assets of BlockFills, a deal that brings derivatives expertise, client relationships, and technology under the Brussels-based market maker’s platform. The acquisition comes months after BlockFills filed for bankruptcy following a reported $75 million lending loss.
U.S. bankruptcy court filings revealed that Keyrock agreed to pay $3.25 million for substantially all of BlockFills’ assets while assuming certain liabilities, customer relationships, equity interests, and proprietary technology. A U.S. bankruptcy judge approved the sale in June, closing a process that began after BlockFills froze deposits and withdrawals in February 2026.
Keyrock CEO Kevin de Patoul confirmed the completion on X on July 16, calling it “another major step forward.” Co-founder and Chief Strategy Officer Juan David Mendieta highlighted the deal’s strategic value, pointing to BlockFills’ institutional derivatives expertise and trading technology.
The transaction also expands Keyrock’s regulatory presence through a CIMA-registered entity in the Cayman Islands and includes the proposed acquisition of an FCA-authorized entity in the United Kingdom, pending regulatory approval. Those licenses would give Keyrock a supervised presence in two key financial jurisdictions.
Keyrock, which reached a $1.1 billion valuation in a Series C round led by Standard Chartered’s SC Ventures in March, is paying roughly 0.3% of its own valuation for the assets. The acquired talent includes Perry Parker, a former Goldman Sachs and Deutsche Bank executive who led institutional options at BlockFills, and Dan Schak, who oversaw risk and trading operations. Other staff across trading, operations, and commercial functions will also join Keyrock.
Keyrock stated that digital asset derivatives are among its fastest-growing business lines, driven by institutional demand for options and structured products. The acquisition adds specialist staff and client-facing systems, enhancing capacity to serve hedge funds, asset managers, market makers, and other professional counterparties. The integration will be phased, with direct client communication as services come online.
