Blockfills, the Susquehanna-backed institutional crypto lender, is reportedly exploring a sale after suffering roughly $75 million in losses during the recent market downturn, according to two people familiar with the situation. One source told reporters the firm is actively seeking a buyer; both spoke on the condition of anonymity because the matter is private. Blockfills declined to comment on the losses. The Chicago-based firm suspended deposits and withdrawals last week. In a Feb. 11 press release, Blockfills said it is working with investors and clients to “achieve a swift resolution and restore liquidity to the platform.” The company added that clients have still been able to open and close positions in spot and derivatives trading and in certain other circumstances. Blockfills positions itself as a major liquidity provider and institutional lending and borrowing desk. The firm said it transacted more than $60 billion in trading volume in 2025 — a 28% increase from 2024 — and serves roughly 2,000 institutional clients, including hedge funds, asset managers and mining companies. The abrupt halt to withdrawals evokes memories of the 2022 crypto winter, when firms such as Celsius, BlockFi and Genesis suspended customer redemptions as market stress cascaded through the industry. Crypto markets have struggled in early 2026, with flagship assets trading well below late-2025 peaks. Bitcoin has been trading under $70,000 (around $67,270 at recent checks) after a late-2025 selloff, while ether remains below $2,000 amid broader weakness. Slumping crypto-focused funds and declines in related equities are further signs that volatility and risk aversion persist. Blockfills raised a $37 million Series A in January 2022 led by institutional investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc. Since its 2018 founding, the company has raised about $44 million in total. As Blockfills seeks options to shore up liquidity — including a potential sale — the outcome will be watched closely by institutional counterparties and the wider market, which remains sensitive to contagion risks from sudden liquidity disruptions. Read more AI-generated news on: undefined/news

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