Blockfills, the cryptocurrency lender backed by trading giant Susquehanna, has incurred losses of around $75 million during the recent market downturn, according to two people with knowledge of the matter.
Blockfills is now looking for a buyer, said one of the people, who spoke on condition of anonymity because the matter is private.
When asked about the losses, Blockfills declined to comment.
Chicago-based Blockfills suspended deposits and withdrawals last week. The company’s management said in a Feb. 11 press release that it was working with investors and customers to achieve a quick resolution and restore liquidity to the platform.
“Clients have been able to continue trading with BlockFills for the purposes of opening and closing positions in spot and derivatives transactions and select other circumstances,” the firm said.
The company said it transacted more than $60 billion in trading volumes in 2025, an increase of 28% from 2024, and is one of the most active institutional lending and borrowing desks in the crypto industry. The liquidity provider serves around 2,000 institutional clients, including hedge funds, asset managers and mining companies.
Bear market problems
Blockfill’s sudden halt to withdrawals is reminiscent of the crypto winter of 2022, when a cascade of companies like Celsius, BlockFi, and Genesis halted customer withdrawals as markets crumbled.
The cryptocurrency market has struggled to regain momentum in early 2026, with flagship assets trading well below recent peaks amid cautious investor sentiment. bitcoin has languished below $70,000 following a sharp sell-off from late-2025 highs, while ether (ETH) hovers below $2,000 amid broader weakness in digital assets.
Broader market indicators, including declines in cryptocurrency-focused funds and declines in related stocks, underscore persistent volatility and risk aversion, even as periodic rallies and profit-taking drive short-term price swings.
Blockfills closed a $37 million Series A round in January 2022, led by institutional investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc. The raise marked the company’s second multibillion-dollar funding round since its founding in 2018, bringing total capital raised to $44 million.
Read More: Institutional Crypto Platform BlockFills Said to Stop Withdrawals and Restrict Trading
