Crypto Lender Blockfills Seeks Buyer After $75M Lending Loss

$75 million. That's how much Blockfills, the Susquehanna-backed crypto lender, has reportedly lost during the recent market downturn. The Chicago-based firm suspended client deposits and withdrawals last week and is now shopping itself to potential buyers.

Echoes of 2022's Crypto Winter

Blockfills' sudden halt of withdrawals brings back uncomfortable memories of 2022's crypto winter, when a cascade of firms like Celsius, BlockFi, and Genesis froze customer funds as markets unraveled. The pattern feels eerily familiar: institutional-grade platforms that seemed rock-solid suddenly finding themselves underwater.

The company's Feb. 11 statement struck a cautiously optimistic tone, saying it was "working with investors and clients to achieve a swift resolution and restore liquidity to the platform." But the reality is stark—most trading has been restricted, with clients only able to open and close positions in spot and derivatives under "select circumstances."

From Billion-Dollar Volume to Fire Sale

The irony is particularly sharp given Blockfills' recent success. The firm processed over $60 billion in trading volume in 2025—a 28% jump from 2024. It served around 2,000 institutional clients, including hedge funds, asset managers, and mining companies, positioning itself as one of crypto's most active lending desks.

This wasn't some fly-by-night operation. Blockfills raised $37 million in a Series A round in January 2022, led by Susquehanna Private Equity Investments alongside CME Ventures and other established players. Total funding reached $44 million since its 2018 founding.

Market Reality Check

The broader crypto market tells the story. Bitcoin has languished below $70,000 following sharp selloffs from late-2025 highs, while Ethereum sits under $2,000 amid widespread digital asset weakness. Crypto-focused funds are slumping, related equities are declining, and risk aversion dominates despite periodic rallies and profit-taking.

For institutional players like Blockfills, this environment creates a perfect storm. Lending operations depend on stable collateral values and predictable market conditions—neither of which crypto markets provide during downturns.