DBS, Goldman Sachs Execute First Interbank OTC Crypto Options Trade

DBS and Goldman Sachs (GS) have executed the first-ever over-the-counter (OTC) cryptocurrency options trade between banks, a landmark step in integrating digital assets into traditional financial infrastructure across Asia.

The transaction involved cash-settled bitcoin (BTC) and ether (ETH) options, enabling both banks to hedge exposure to crypto-linked products using mechanisms familiar to institutional investors. Such OTC trades mirror long-established practices in conventional markets, offering customizable risk management and structured investment tools.

According to DBS, its clients executed over $1 billion in crypto options and structured note trades during the first half of 2025 — with volumes rising nearly 60% quarter over quarter. The surge underscores accelerating demand for regulated digital asset derivatives among professional investors.

“Professional investors are seeking safe, trusted, and well-managed platforms to build digital asset portfolios,” said Jacky Tai, Head of Trading and Structuring at DBS. “Our trade with Goldman Sachs shows how banks can leverage their credit strength and structuring expertise to bring traditional finance best practices into the digital asset ecosystem.”

Goldman Sachs, one of Wall Street’s earliest entrants into crypto derivatives, said the deal marks an important evolution in market structure.

“This trade represents the development of an interbank market for cash-settled OTC cryptocurrency options,” said Max Minton, Head of Digital Assets for Asia Pacific at Goldman Sachs. “We expect continued growth in this area as institutional participation deepens.”

The milestone highlights how regulated financial institutions are increasingly bridging traditional finance and crypto markets using familiar tools such as options, swaps, and structured notes. As adoption expands, Asia’s digital asset landscape is beginning to mirror the risk, liquidity, and compliance frameworks that define global capital markets.