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Blockfills, supported by Susquehanna, listed for sale following a $75 million loss in lending.
The Chicago-based firm announced last week that it was temporarily halting client deposits and withdrawals due to current market and financial circumstances.
Susquehanna-supported Blockfills is pursuing a $40 million sale following a $100 million loss in lending. (Getty Images, modified by CoinDesk)
Key points:
- Blockfills is reportedly in search of a buyer after incurring at least $75 million in lending losses.
- The firm halted deposits and withdrawals recently amid a resurgence of market challenges, with bitcoin trading below $70,000 and ether under $2,000.
- In 2025, the firm handled trading volumes exceeding $60 billion.
Blockfills, the cryptocurrency lender backed by the trading giant Susquehanna, has suffered losses of approximately $75 million during the recent downturn in the market, as stated by two sources familiar with the situation.
One of the sources indicated that Blockfills is currently seeking a buyer, speaking on the condition of anonymity due to the confidential nature of the discussion.
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When asked about the losses, Blockfills chose not to provide a comment.
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Blockfills, located in Chicago, suspended deposits and withdrawals last week. The firm’s leadership announced in a press release on February 11 that they were collaborating with investors and clients to find a prompt solution and restore liquidity to the platform.
“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 firm remarked.
The company reported a trading volume exceeding $60 billion in 2025, representing a 28% increase from 2024, and is recognized as one of the most active institutional lending and borrowing platforms in the cryptocurrency sector. The liquidity provider serves around 2,000 institutional clients, including hedge funds, asset managers, and mining companies.
Challenges in the bear market
The abrupt suspension of withdrawals by Blockfills evokes memories of the 2022 crypto winter, during which numerous firms like Celsius, BlockFi, and Genesis also paused customer withdrawals as the market deteriorated.
The cryptocurrency market has faced difficulties in regaining momentum in early 2026, with leading assets trading significantly below recent highs amid cautious investor sentiment. Bitcoin remains below $70,000 following a significant selloff from the highs of late 2025, while ether (ETH) is trading under $2,000 amid widespread weakness across digital assets.
Wider market indicators, including declining crypto-focused funds and downturns in related equities, highlight ongoing volatility and risk aversion, even as occasional rallies and profit-taking lead to short-term price fluctuations.
Blockfills secured a $37 million Series A funding round in January 2022, led by institutional investors such as Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo Inc. This funding marked the company’s second multimillion-dollar round since its inception in 2018, raising the total capital to $44 million.
Read more: Institutional crypto platform Blockfills said to halt withdrawals, restrict trading
