02/09/2026
The way large institutions trade crypto is shifting. For years, OTC desks mostly filled simple buy or sell orders — one counterparty, one block, one price. That is no longer where the more sophisticated flow is going.
Institutions are increasingly asking for derivatives and more capital-efficient ways to execute, where collateral, margin, and settlement terms matter as much as the headline price. Kraken's integration with ICE Chat earlier this year is one example of institutional-grade infrastructure being built specifically for this kind of trading.
For a principal desk, that means pricing risk directly rather than simply passing an order along to someone else. GOAT Finance's OTC desk trades on a principal basis, against our own book, across spot and more structured ex*****on — because a counterparty that only knows how to fill spot orders is not equipped for where institutional flow is heading.
Information only. Not financial advice.