Where a spend platform stops and a desk begins
At enterprise scale the spend-management products do a job worth paying for: policy across entities, card issuance at headcount, procurement approvals, ERP integration. That job is US dollars going out. It says nothing about a balance sheet position in digital assets, and nothing about executing size without moving the market against yourself.
Those are desk problems. An order large enough to matter should not be a market order sliding through a thin book — it should be a firm quote from someone who answers the phone, settled against an account titled to the entity, with statements the auditor accepts.

