Brussels-based digital asset market maker Keyrock has closed a deal to acquire the institutional trading and brokerage assets of BlockFills. The acquisition comes as part of BlockFills’ Chapter 11 bankruptcy process, with Keyrock selected as the buyer for $3.25 million.
The deal gives Keyrock access to BlockFills’ institutional client base and trading infrastructure, strengthening its position in the digital asset market making space. BlockFills, which filed for bankruptcy earlier this year, had built a platform serving hedge funds, family offices, and other institutional clients.
For Keyrock, the acquisition represents an opportunity to expand its service offerings and client reach without building infrastructure from scratch. The company plans to integrate BlockFills’ technology and client relationships into its existing operations, creating a more comprehensive suite of institutional-grade trading services.
The transaction is part of a broader consolidation trend in the crypto trading and market-making industry, where companies are seeking to achieve scale through acquisitions. As the market matures, firms with strong balance sheets are acquiring distressed or smaller competitors to expand their market share.
Keyrock has been an active participant in the European digital asset ecosystem, providing liquidity across multiple exchanges and blockchain networks. The company has expanded its operations significantly over the past few years, building a presence in both spot and derivatives markets.
The acquisition also demonstrates that there is still appetite for strategic investments in the crypto infrastructure space, even during periods of market uncertainty. The BlockFills assets, acquired at a discount through the bankruptcy process, represent a value-oriented expansion for Keyrock.
This article was adapted from The Block. Read the original here.
