Key Takeaways
- • Marc Sischka, Blockchain.com's Global Head of OTC Trading, says the desk's institutional and ultra-high-net-worth clients often start with spot Bitcoin and Ethereum trading and may not have considered how options could manage risk on those holdings.
- • Sischka frames options as a risk-management tool built around existing positions, with execution offered on a principal basis or as an agent under an agency agreement, with fees and mandates disclosed upfront.
- • CoinDesk, citing Checkonchain data in a January 13, 2026 report, put aggregate Bitcoin options open interest at $65 billion versus $60 billion for futures, though these figures include ETF options and are not a measure of Blockchain.com's OTC activity.
- • Blockchain.com's OTC desk is building an integrated offering across spot, options, structured strategies, yield, perpetuals and fiat, with the company reporting more than 1,500 institutional clients and over $1.2 trillion in transaction volume.
- • Access to crypto derivatives depends on jurisdiction and client eligibility, and the FCA's ban on cryptoasset derivatives for UK retail clients remains in force.
Summary
Blockchain.com's OTC desk, led by Global Head of OTC Trading Marc Sischka, has observed that institutional and ultra-high-net-worth clients frequently begin with spot Bitcoin and Ethereum trading, leaving concentrated holdings exposed to substantial downside risk. According to Sischka, options can help manage particular exposures or generate premium income against existing holdings, depending on structure. He argues that a knowledge gap persists, with some clients not yet considering how these instruments might fit their objectives. According to a company profile, Sischka joined the firm after eight years trading crypto at one of the industry's largest exchanges, following roughly a decade in commodities and traditional finance.
Sischka's approach is to start from a client's existing position and build a structure around it rather than pitching options as a standalone product. Execution is available either on a principal basis or as an agent under an agency agreement, with the fee and mandate disclosed in full before a client commits. The company describes agency execution as designed to reduce market impact on larger trades, not to guarantee a particular outcome. Industry context cited by the article includes a January 13, 2026 CoinDesk report, drawing on Checkonchain data, which put aggregate Bitcoin options open interest at $65 billion against $60 billion for futures. Those figures include ETF options such as those on BlackRock's iShares Bitcoin Trust ETF and are not a measure of Blockchain.com's own activity. A separate CoinDesk figure of approximately $28 billion in Bitcoin options open interest on Deribit, dated July 24, 2026, is a historical snapshot and is not directly comparable.
The article stresses that option benefits depend on strategy. A protective put carries a premium and protection limited by strike and expiry, while a covered call can cap upside while leaving substantial downside exposure. Option buyers can lose the full premium, some selling strategies can lose more than the premium received, and OTC contracts introduce counterparty, liquidity and settlement risk. Access depends on jurisdiction, client classification and eligibility, and the FCA's ban on cryptoasset derivatives for UK retail clients remains in place.
Sischka's broader plan is a single desk offering principal and agency execution alongside options, structured strategies, perpetuals and fiat services, rather than requiring clients to manage multiple relationships. He said, "Clients don't want five different relationships to solve five different trading needs. We're building a desk that can support them across spot, options, yield strategies, perpetuals, and fiat." The company's institutional platform lists support for more than 670 tokens, with coverage varying by product and jurisdiction, and reports more than 1,500 institutional clients and over $1.2 trillion in transaction volume. These are company-reported platform figures, not measures of options trading alone. Sischka expects options to become an institutional default in digital assets as the market matures.
Sischka's approach is to start from a client's existing position and build a structure around it rather than pitching options as a standalone product. Execution is available either on a principal basis or as an agent under an agency agreement, with the fee and mandate disclosed in full before a client commits. The company describes agency execution as designed to reduce market impact on larger trades, not to guarantee a particular outcome. Industry context cited by the article includes a January 13, 2026 CoinDesk report, drawing on Checkonchain data, which put aggregate Bitcoin options open interest at $65 billion against $60 billion for futures. Those figures include ETF options such as those on BlackRock's iShares Bitcoin Trust ETF and are not a measure of Blockchain.com's own activity. A separate CoinDesk figure of approximately $28 billion in Bitcoin options open interest on Deribit, dated July 24, 2026, is a historical snapshot and is not directly comparable.
The article stresses that option benefits depend on strategy. A protective put carries a premium and protection limited by strike and expiry, while a covered call can cap upside while leaving substantial downside exposure. Option buyers can lose the full premium, some selling strategies can lose more than the premium received, and OTC contracts introduce counterparty, liquidity and settlement risk. Access depends on jurisdiction, client classification and eligibility, and the FCA's ban on cryptoasset derivatives for UK retail clients remains in place.
Sischka's broader plan is a single desk offering principal and agency execution alongside options, structured strategies, perpetuals and fiat services, rather than requiring clients to manage multiple relationships. He said, "Clients don't want five different relationships to solve five different trading needs. We're building a desk that can support them across spot, options, yield strategies, perpetuals, and fiat." The company's institutional platform lists support for more than 670 tokens, with coverage varying by product and jurisdiction, and reports more than 1,500 institutional clients and over $1.2 trillion in transaction volume. These are company-reported platform figures, not measures of options trading alone. Sischka expects options to become an institutional default in digital assets as the market matures.
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