Chicago-based crypto lender Blockfills, backed by Susquehanna, is exploring a sale following losses of about $75 million amid a market downturn. The firm suspended client deposits and withdrawals last week but allowed continued trading for certain positions. It reported over $60 billion in trading volume for 2025.
Blockfills, a prominent institutional crypto lending and borrowing platform, has faced significant challenges in the early months of 2026. According to two individuals familiar with the situation, the company recorded losses of approximately $75 million during the recent market weakness. One of these sources indicated that Blockfills is now seeking a potential buyer, though the discussions remain private.
On February 11, Blockfills issued a press release announcing the temporary suspension of client deposits and withdrawals due to prevailing market and financial conditions. The firm emphasized its efforts to collaborate with investors and clients toward a quick resolution and the restoration of platform liquidity. "Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and select other circumstances," the statement noted.
Despite the disruptions, Blockfills highlighted its robust activity, having processed more than $60 billion in trading volume in 2025—a 28% rise from the previous year. The platform serves around 2,000 institutional clients, including hedge funds, asset managers, and mining companies, positioning it as one of the more active desks in the sector.
The current market environment echoes the 2022 crypto winter, when firms like Celsius, BlockFi, and Genesis also paused withdrawals amid unraveling markets. Bitcoin has traded below $70,000, recently at $67,364.81, while ether remains under $2,000, reflecting broader investor caution and volatility in digital assets.
Founded in 2018, Blockfills secured a $37 million Series A funding round in January 2022, led by Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo Inc. This brought its total capital raised to $44 million. The company declined to comment on the reported losses and sale process.
