Blockfills, a Chicago-based cryptocurrency trading company, has filed for bankruptcy as the cryptocurrency winter takes its toll on the industry.
On Sunday, BlockFills operator Reliz Ltd. and three affiliated entities filed voluntary Chapter 11 restructuring petitions in the U.S. Bankruptcy Court for the District of Delaware, according to documents seen by CoinDesk.
The court filing shows that Reliz reports assets between $50 million and $100 million against liabilities of $100 million to $500 million, a clear indicator of the increasing pressures on its cryptocurrency trading operations.
The company decided to file for bankruptcy after consulting all stakeholders, it said in an official statement.
“After extensive discussions with investors, customers, creditors and other interested parties, BlockFills has determined that a voluntary Chapter 11 filing is the most responsible path forward to preserve the value of the business and maximize recoveries for interested parties. This filing will allow the company to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process,” it said.
“To that end, on March 15, 2026, certain entities related to BlockFills filed a voluntary petition for restructuring under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware,” it added.
CoinDesk reported last month that the cryptocurrency lender had lost around $75 million and was looking for a buyer or emergency financing.
BlockFills is a cryptocurrency trading and lending company that provides liquidity, financing, and risk management services to institutional clients. Its platform facilitates cryptocurrency lending and borrowing, derivatives trading, and over-the-counter (OTC) execution for hedge funds, asset managers, market makers, and mining companies.
The company is backed by institutional investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc.
A US federal judge issued a temporary restraining order (TRO) against BlockFills last week in a lawsuit brought by Dominion Capital.
Dominion alleged that the company had misappropriated and improperly retained millions of dollars in customer crypto assets, commingled customer funds, and concealed significant losses.
BlockFills said on February 11 that it would pause customer withdrawals and deposits due to recent financial and market conditions.
The company said at the time that it was working with investors and customers to reach a quick resolution and restore liquidity to the platform. CoinDesk later reported that the cryptocurrency lender had lost around $75 million and was looking for a buyer or emergency financing.
CoinDesk also reported that BlockFills co-founder and CEO Nicholas Hammer had resigned from his leadership position. Joseph Perry is the company’s interim CEO.
BlockFills said it processed more than $60 billion in trading volume in 2025, up 28% from the previous year, and is among the most active institutional cryptocurrency lending and borrowing desks. The firm serves about 2,000 institutional clients, including hedge funds, asset managers and mining companies.
Read more: US judge freezes BlockFills assets in 70 bitcoin dispute with creditor Dominion Capital
