Blockfills, the crypto lender backed by trading giant Susquehanna, 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.
When asked about the losses, Blockfills declined to comment.
Chicago-based Blockfills suspended deposits and withdrawals last week. The company’s management said in a February 11 press release that it was working with investors and customers to achieve a speedy resolution and restore liquidity to the platform.
“Customers were able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and in other circumstances,” the company said.
The company said it will transact over $60 billion in transaction volumes in 2025, an increase of 28% from 2024, and be one of the most active institutional lending and borrowing desks in the crypto industry. The liquidity provider serves around 2,000 institutional clients, including hedge funds, asset managers and mining companies.
The woes of the bear market
Blockfill’s sudden halt to withdrawals brings back memories of the crypto winter of 2022, when a cascade of companies such as Celsius, BlockFi, and Genesis halted customer withdrawals as markets crashed.
The crypto market has struggled to regain momentum in early 2026, with flagship assets trading well below recent highs amid cautious investor sentiment. Bitcoin has remained below $70,000 after a sharp decline from late 2025 highs, while ether (ETH) sits below $2,000 amid broader digital asset weakness.
Broader market indicators, including the drop in crypto-focused funds and declines in related stocks, point to continued 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. This fundraising marked the company’s second multi-million dollar funding round since its inception in 2018, bringing the total capital raised to $44 million.
Read more: Institutional crypto platform BlockFills expected to stop withdrawals and restrict trading
