River Financial Sues Blockstream Services Canada Over Unpaid Settlement

River Financial, a bitcoin-focused financial services firm led by CEO Alex Leishman and backed by investor Peter Thiel, has filed a lawsuit against Blockstream Services Canada for defaulting on a $6.7 million settlement tied to a canceled hosting agreement.

The dispute centers around a 2021 hosting arrangement that predates the settlement by years. River prepaid almost $7.8 million across 2021 and 2022 for three separate Hosting Services Orders, but Blockstream was still sitting on $4.3 million of those funds when they decided to dissolve their agreement.

The early termination agreement signed on December 13, 2024, called for a $3.5 million refund of prepaid fees plus a $3.1 million early termination fee, totaling $6.7 million. The repayment plan required monthly installments of $239,389.40, starting August 1, 2025.

However, payments stopped on March 31, 2026, and remained unpaid through September 11, 2026, prompting River to take the dispute to court. Blockstream Services Canada was formerly part of Blockstream Corporation, but it separated in mid-2024, drawing a line between the entity River originally contracted with and the one it is now suing.