River Financial Inc. has sued Blockstream Services Canada ULC for breach of contract, seeking roughly $6.7 million that River alleges has remained unpaid under an agreement terminating the companies’ commercial relationship.
River filed the complaint in the Northern District of California on September 11. The case names Blockstream Services Canada ULC, not Blockstream Corp, as the sole defendant and requests a jury trial.
The disputed amount consists of approximately $3.55 million in prepaid refunds and a separate $3.15 million early termination payment. River alleges those obligations arose under the parties’ termination agreement and that the defendant has failed to make amounts due since March 31, 2026.
River Seeks Payment Under Termination Agreement
River’s complaint centers on contractual payments rather than Bitcoin custody, customer funds or the operation of a blockchain network.
The termination arrangement required Blockstream Services Canada to refund prepaid or upfront fees owed to River and make the additional early termination payment. Together, the two principal amounts total about $6.7 million before any other relief the court may award.
The federal court docket classifies the case as an “other contract” action brought under diversity jurisdiction. River is represented by Morgan, Lewis & Bockius LLP.
River operates a Bitcoin-focused financial services platform offering brokerage, custody and mining-related services. The company’s current website identifies the plaintiff as River Financial Inc.
Blockstream Corp Says Defendant Has Been Separate Since 2024
Blockstream Corp has moved to separate itself from the defendant despite the shared Blockstream name.
Since mid-2024, Blockstream Services USA and Blockstream Services Canada have not been under the ownership, control, or management of Blockstream Corp,” the company wrote in a September 27 statement.
That distinction changes the scope of the dispute. River’s lawsuit is against Blockstream Services Canada ULC rather than Blockstream Corp, the Bitcoin infrastructure company behind products including Liquid and the Blockstream App.
Blockstream Corp has separately spent September responding to a major incident affecting Liquid. The network was paused after nearly 4,000 BTC left its federation reserve on September 6 before approximately 3,400 BTC was returnedduring the subsequent recovery process. Those events involve Blockstream Corp’s current operations and are separate from River’s contract claim against Blockstream Services Canada.
A Canadian government registry continues to list Blockstream Services Canada ULC in Vancouver, British Columbia.
The River case remains in its opening procedural stage. The current docket sets a December 3, 2026 deadline for the case management statement and an initial case management conference for December 10 before Magistrate Judge Thomas S. Hixson.
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