DBS and Goldman Sachs Execute Landmark OTC Crypto Options Trade
DBS and Goldman Sachs have completed the first-ever over-the-counter (OTC) cryptocurrency options trade between banks, marking a key milestone in the institutional evolution of digital asset markets across Asia.
The trade featured cash-settled bitcoin (BTC) and ether (ETH) options, designed to help both institutions hedge exposure to crypto-linked products using traditional risk management structures. The move signals the growing adoption of regulated derivatives as large banks integrate digital assets into mainstream financial operations.
DBS said its clients executed over $1 billion in crypto options and structured note trades during the first half of 2025 — a 60% jump in volume from the previous quarter — underscoring increased institutional demand for exposure to crypto markets through regulated channels.
“Professional investors are increasingly turning to trusted, well-managed platforms to build digital asset portfolios,” said Jacky Tai, Head of Trading and Structuring at DBS. “Our transaction with Goldman Sachs demonstrates how traditional finance tools can be effectively applied in the digital asset space.”
Goldman Sachs’ Head of Digital Assets for Asia Pacific, Max Minton, said the trade reflects a structural shift in market development. “This transaction represents the creation of an interbank market for cash-settled OTC cryptocurrency options — an area we expect to expand as institutional participation deepens.”
The milestone highlights how leading global banks are bridging traditional finance and digital assets through established instruments like options, swaps, and structured notes, laying the groundwork for a more mature and liquid institutional crypto market.
