Key Takeaways
- • SwapGlobal, a technology-first synthetic crypto prime broker, executed a proof-of-concept OTC bitcoin derivatives transaction for an investment and advisory institution of a global management consulting firm with over $20 billion in assets under management, according to a Business Wire release dated December 10, 2025.
- • The structure reused the fund's existing collateral, held with a top-three U.S. financial services company, to meet margin requirements at an offshore derivatives venue, allowing the fund to avoid opening exchange accounts, managing off-exchange margining, or taking direct custody of BTC.
- • SwapGlobal claims the model saves approximately 1% on the derivative amount by letting the fund use its own lower financing rates rather than paying its swap dealer's higher cost of capital.
- • Amsterdam-based Kenzoll Capital partnered with SwapGlobal on implementation, with Kenzoll founder Corné Melissen describing the deal as central to the firm's strategy of backing U.S. crypto market innovators.
Summary
SwapGlobal announced that it has executed a proof-of-concept over-the-counter bitcoin derivatives transaction for an investment and advisory institution affiliated with a global management consulting firm that manages more than $20 billion in assets, according to the company's Business Wire release. The company describes itself as a technology-first synthetic crypto prime broker that enables hedge funds, ETFs and other institutions to run digital asset strategies through OTC derivatives rather than spot holdings.
Under the structure, the fund executed a bitcoin derivatives strategy while keeping its collateral with a top-three U.S. financial services company. SwapGlobal reused that collateral to satisfy the margin requirements of an offshore derivatives venue. The release states that the fund accessed derivatives liquidity without opening exchange accounts, managing off-exchange margining, or taking direct custody of bitcoin.
The company frames the transaction as a response to a persistent obstacle for large institutions in digital assets: combining qualified custody, efficient funding and OTC derivatives in a manner that satisfies internal risk and compliance review. According to the release, swap dealers typically pass their high cost of capital on to investment funds when meeting margin on hedging venues. SwapGlobal's model, the company says, allows the fund to rely on its own lower financing rates, saving approximately 1% on the derivative amount. The release does not disclose the notional size of the trade or the identities of the fund or the offshore venue.
René van Kesteren, Founder and CEO of SwapGlobal, said the proof of concept shows that large traditional institutions can run crypto derivatives strategies with the same expectations they apply to conventional prime brokerage, namely safe custody, efficient funding and clean execution. Amsterdam-based Kenzoll Capital partnered with SwapGlobal on implementation. Corné Melissen, Founder of Kenzoll Capital, said the partnership supports the firm's strategy of backing innovative firms addressing challenges in the U.S. crypto market. SwapGlobal is backed by investors including Cantor Fitzgerald, BH Digital and Circle Ventures, according to the release.
Under the structure, the fund executed a bitcoin derivatives strategy while keeping its collateral with a top-three U.S. financial services company. SwapGlobal reused that collateral to satisfy the margin requirements of an offshore derivatives venue. The release states that the fund accessed derivatives liquidity without opening exchange accounts, managing off-exchange margining, or taking direct custody of bitcoin.
The company frames the transaction as a response to a persistent obstacle for large institutions in digital assets: combining qualified custody, efficient funding and OTC derivatives in a manner that satisfies internal risk and compliance review. According to the release, swap dealers typically pass their high cost of capital on to investment funds when meeting margin on hedging venues. SwapGlobal's model, the company says, allows the fund to rely on its own lower financing rates, saving approximately 1% on the derivative amount. The release does not disclose the notional size of the trade or the identities of the fund or the offshore venue.
René van Kesteren, Founder and CEO of SwapGlobal, said the proof of concept shows that large traditional institutions can run crypto derivatives strategies with the same expectations they apply to conventional prime brokerage, namely safe custody, efficient funding and clean execution. Amsterdam-based Kenzoll Capital partnered with SwapGlobal on implementation. Corné Melissen, Founder of Kenzoll Capital, said the partnership supports the firm's strategy of backing innovative firms addressing challenges in the U.S. crypto market. SwapGlobal is backed by investors including Cantor Fitzgerald, BH Digital and Circle Ventures, according to the release.
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