Do I understand correctly that exchange is not necessary for transferring coins. Opposite to stock market where trades should be registered on stock exchange. One company may agree with another and transfer / sell / buy at any price if they trust each other?
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You got to buy from somewhere. That's what exchanges are for. Of course you can make a deal under the table and agree to buy directly from someone but in that case trust is a necessary ingredient
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Institutions normally do not buy on the exchanges. They buy directly from miners in what is called the OTC (Over The Counter) market. They normally pay a premium of 7-8%, because these are brand new bitcoins that have no trade history. They do so, because they do not want to acquire coins that were in the past in the posession of unknown and potentially malicious actors.
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