Connect with us
DAPA Banner

Crypto World

Blockfills co-founder and CEO Nicholas Hammer has stepped down

Published

on

Blockfills co-founder and CEO Nicholas Hammer has stepped down

Nicholas Hammer, co-founder and CEO of crypto lender Blockfills, has stepped down from his leadership role, according to a person with direct knowledge of the matter.

The firm’s website now lists Joseph Perry as the interim CEO. A company spokesperson confirmed that Hammer was CEO until July 2025.

The change of leadership comes as the firm has suffered losses of around $75 million and suspended client deposits and withdrawals earlier this month.

Blockfills is also said to have urged some clients to withdraw their crypto assets before the platform halted deposits and withdrawals on Feb. 11, the person said, who spoke on condition of anonymity as the matter is private. Customer deposits remain suspended as of publication time.

Advertisement

CoinDesk reported last week that the Chicago-based firm was seeking a buyer after the losses.

Hammer did not respond to a request for comment by the publication time. His LinkedIn profile, as of 5.58 pm UTC on Feb. 25, still lists him as CEO of Blockfills.

The firm said in the Feb. 11 press release that it was working with investors and clients to reach a swift 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 select other circumstances,” the company said at the time.

Advertisement

Blockfills’ abrupt halt to withdrawals revives memories of the 2022 crypto winter, when firms including Celsius, BlockFi and Genesis froze customer accounts as markets unraveled.

The market has struggled to regain traction in early 2026, with major tokens well below recent highs amid cautious sentiment. Bitcoin has remained below $70,000 after a sharp pullback from its late-2025 all-time high, while ether (ETH) trades around $2,000 amid weakness across the digital asset market.

The company said it handled more than $60 billion in trading volume in 2025, up 28% from a year earlier, and ranks among the most active institutional crypto lending and borrowing desks. It serves roughly 2,000 institutional clients, including hedge funds, asset managers and mining firms.

Blockfills is backed by investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo. The company raised $37 million in a January 2022 Series A funding round.

Advertisement

Read more: Susquehanna-backed Blockfills up for sale after $75 million lending loss

UPDATE (Feb. 25, 6 pm UTC): Updates story with the company’s comment on the CEO’s departure.

Source link

Advertisement
Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto World

Forward Industries Funds Share Buyback With Solana-Backed Loan

Published

on

Stocks, Loans, Solana

Forward Industries, a publicly traded company with a Solana-focused treasury strategy, has launched a share repurchase program funded through a crypto-backed loan from Galaxy Digital LLC, underscoring how digital assets are increasingly being used in traditional corporate finance.

The company said Thursday it will repurchase 6,164,324 shares of its common stock from an unnamed institutional investor for approximately $27.4 million, reducing total shares outstanding to 76,977,809.

Cointelegraph’s email to Forward seeking further information on the identity of the selling institutional investor was not answered prior to publication.

Stocks, Loans, Solana
A partial list of Forward Industries’ institutional investors. Source: Fintel.io

Public filings indicate that only six institutional investors in Forward Industries hold enough shares to sell that volume back to the company. According to filings data compiled by Fintel.io, one of those holders is Galaxy Digital LP (8.68 million shares, as of Sept. 18, 2025) and another is Galaxy Group Investments LLC (8.11 million shares, as of Feb. 18, 2026.)

To fund the buyback, Forward secured a $40 million loan from Galaxy Digital LLC at an interest rate of 3.4%. The loan is collateralized by the company’s Solana (SOL) holdings, which total 7,013,536 SOL — valued at approximately $613 million at current market prices.

Advertisement

The structure allows Forward to access liquidity without liquidating its crypto reserves, while continuing to generate yield through staking. The move reflects a broader trend of companies leveraging digital asset treasuries to optimize capital structure and potentially enhance shareholder returns.

The share repurchase appears to be part of Forward Industries’ November authorization to buy back up to $1 billion of its stock on an ongoing basis. At the time, the company said the program would provide financial flexibility amid heightened volatility in the crypto market.

That volatility has intensified in recent months, with Solana’s price falling below $90. The buyback may also help support Forward Industries’ stock, which is down 87% from its September peak.

Forward Industries (FWDI) stock. Source: Yahoo Finance

Related: Crypto’s 2026 investment playbook: Bitcoin, stablecoin infrastructure, tokenized assets

Crypto treasury strategies face pressure

Forward Industries began aggressively accumulating Solana last year, when crypto treasury strategies gained traction during the bull market. The company has since built the largest publicly traded SOL treasury, with at least 18 other public companies adopting similar strategies, according to industry data.

Advertisement

By February, these companies collectively held more than $1.5 billion in unrealized losses tied to the broader crypto market downturn. A significant portion of those losses is attributed to Forward Industries, which is down roughly $972 million.

Forward Industries ranks as the largest public holder of Solana. Source: CoinGecko

The sector’s volatility is likely to result in broad consolidation among crypto treasury companies, Wojciech Kaszycki of crypto infrastructure company BTCS told Cointelegraph.

Many treasury companies are under pressure as declining crypto prices push their valuations below the value of the digital assets they hold, while limited cash flow makes it harder to sustain operations.

Related: Crypto Biz: A Bitcoin treasury shareholder revolt