Susquehanna-Backed Crypto Lender Blockfills Seeks Buyer After $75 Million Loss

TLDR

• Blockfills, a Susquehanna-backed crypto lender, suffered roughly $75 million in losses during the recent market downturn
• The Chicago-based firm suspended client deposits and withdrawals on Feb. 11, 2026
• Blockfills is now reportedly seeking a buyer
• The company handled over $60 billion in trading volume in 2025, serving around 2,000 institutional clients
• Separate crypto lender ZeroLend also announced it will wind down operations on Feb. 18

Blockfills, a Chicago-based crypto lending firm backed by trading giant Susquehanna, is reportedly looking for a buyer after incurring around $75 million in losses during the recent market downturn.

Clients were still able to open and close positions in spot and derivatives markets under certain conditions, suggesting the platform remained partially active.

A spokesperson confirmed the withdrawal suspension was still in place but declined to comment on the reported sale.

Losses Mount as Crypto Markets Struggle

Bitcoin has been trading below $70,000 following a sharp selloff from late-2025 highs. Ethereum sits below $2,000, with XRP at $1.41 and Solana at $81.98 at the time of reporting.

The weak market has put pressure on institutional lending desks that depend on collateral values and steady market activity.

Blockfills closed a $37 million Series A in January 2022, led by Susquehanna Private Equity, CME Ventures, and others, bringing total capital raised to $44 million.

The firm processed more than $60 billion in trading volume in 2025, a 28% rise from 2024. It serves around 2,000 institutional clients including hedge funds, asset managers, and mining companies.

The sudden halt on withdrawals draws comparisons to 2022, when firms like Celsius, BlockFi, and Genesis froze customer funds during that year’s crypto downturn.

A Pattern Repeating Across the Industry

Blockfills is not alone. ZeroLend, a decentralized lending protocol on the zkSync Layer-2 network, announced on Feb. 18 that it would wind down operations.

ZeroLend cited sustainability challenges and prolonged operating losses. It grew during the 2020–2021 bull market frenzy.

The closures highlight how lending platforms built during bull markets can face serious strain when prices fall and liquidity dries up.

Macro factors have added to the pressure. Federal Reserve policy uncertainty and geopolitical tensions have tightened liquidity across risk assets.

Institutional lending desks are particularly exposed during extended drawdowns because they rely on stable collateral values.

Blockfills has not confirmed the $75 million loss figure. The information came from two anonymous sources familiar with the matter, as reported by CoinDesk.

The firm’s management has not given a timeline for restoring withdrawals or completing any potential sale.

At press time, Bitcoin was trading at around $66,940, down from highs above $100,000 in late 2025.

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