Keyrock completes acquisition of BlockFills' institutional trading and brokerage business
The deal adds BlockFills’ client relationships, trading technology and derivatives expertise to Keyrock, while expanding its regulatory footprint in the Cayman Islands and potentially the U.K.
Keyrock has completed its acquisition of the trading and brokerage assets of BlockFills' institutional digital asset business, bolstering its push into institutional crypto markets. The transaction adds BlockFills' client relationships, trading technology and derivatives expertise to Keyrock's existing operations across market making, over-the-counter trading, options, credit, onchain services and asset management. A bankruptcy filing previously showed Keyrock agreed to pay $3.25 million for substantially all of BlockFills' assets, while assuming certain liabilities, equity interests, customer relationships and proprietary technology. The deal also extends 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. Several BlockFills executives and broader trading, operations and commercial teams are joining Keyrock as it integrates the business in phases, with the company positioning the transaction as a way to strengthen its fast-growing digital asset derivatives business amid rising institutional demand for options and other crypto trading products.
- market making: A trading activity in which a firm continuously quotes buy and sell prices to provide liquidity in a market.
- over-the-counter trading: Direct trading between counterparties rather than on a public exchange, often used for larger or customized transactions.
- digital asset derivatives: Financial contracts linked to the price of digital assets, such as options and other structured trading products.