Blockfills, the crypto lender backed by trading giant Susquehanna, has suffered losses of about $75 million during the recent market downturn, according to two people with knowledge of the matter.
Blockfills is now looking for a buyer, said one of the people, 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 February 11 that it was working with investors and customers to achieve a quick 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 selecting other circumstances,” the firm said.
The company said it handled over $60 billion in trading volume by 2025, up 28% from 2024, and is one of the most active institutional lenders and underwriters in the crypto industry. The liquidity provider services around 2,000 institutional clients, including hedge funds, asset managers and mining companies.
Bear market problems
Blockfill’s sudden halt in withdrawals is reminiscent 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 has slipped below $70,000 after a sharp selloff from late 2025 highs, while ether (ETH) is below $2,000 amid broader weakness across digital assets.
Broader market indicators, including declining crypto-focused funds and declines in related stocks, underscore persistent volatility and risk aversion, even as periodic spikes 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 founding in 2018, bringing total capital raised to $44 million.
Read more: Institutional crypto platform BlockFills said to halt withdrawals, limit trading
