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Blockfills, the crypto 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, one of the people said, who spoke on condition of anonymity because the matter is private.
Asked about the losses, Blockfills declined to comment.
Chicago-based Blockfills suspended deposits and withdrawals last week. The firm's management said in a press release on Feb. 11 that it was working with investors and clients to achieve a swift resolution 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 said.
The company said it transacted over $60 billion in trading volumes in 2025, a 28% increase from 2024 and is one of the most active institutional lending and borrowing desks in the crypto industry. The liquidity provider services around 2,000 institutional clients, including hedge funds, asset managers and mining companies.
Bear market woes
Blockfill's sudden halting of withdrawals recalls memories of 2022’s crypto winter, when a cascade of firms such as Celsius, BlockFi and Genesis halted customer withdrawals as markets unraveled.
The crypto market has struggled to regain momentum in early 2026, with flagship assets trading well below recent peaks amid cautious investor sentiment. Bitcoin BTC$66,510.36 has languished under $70,000 following a sharp selloff from late-2025 highs, while ether (ETH) sits below $2,000 amid broader weakness across digital assets.
Broader market indicators, including slumping crypto-focused funds and declines in related equities, underscore lingering 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 multimillion-dollar funding round since its 2018 founding, bringing total capital raised to $44 million.
Read more: Institutional crypto platform BlockFills said to halt withdrawals, restrict trading
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