$3.25M for a desk that did >$60B in 2025 and claimed ~2,000 institutional clients prices BlockFills closer to a distressed customer/tech carve-out than a going concern. After Genesis, BlockFi and Celsius, the same credit wreckage keeps getting repackaged into OTC, market-making and prime-brokerage rails inside better-capitalized shops. Court approval on June 16 only clears the asset sale; Keyrock still has to convert a withdrawal-freeze creditor base into reusable flow, and that is where the spread either exists or disappears.

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