DBS, Goldman Sachs Execute First Interbank OTC Crypto Options Trade
DBS and Goldman Sachs have completed the first over-the-counter (OTC) cryptocurrency options trade between banks, marking a milestone in the growing integration of digital assets into Asia’s regulated financial markets.
The transaction involved cash-settled bitcoin (BTC) and ether (ETH) options, allowing both banks to hedge exposure linked to crypto-related products. Such OTC structures — long used in traditional finance — offer institutional investors flexible and customized risk management tools within a regulated environment.
DBS reported that its clients executed more than $1 billion in crypto options and structured note transactions in the first half of 2025, with activity rising nearly 60% from the first to second quarter. The growth reflects increasing institutional appetite for digital-asset derivatives.
“Professional investors want reliable, well-managed platforms to build digital asset portfolios,” said Jacky Tai, Head of Trading and Structuring at DBS. “Our trade with Goldman Sachs demonstrates how banks can apply traditional finance expertise to the digital asset ecosystem.”
Goldman Sachs’ Head of Digital Assets for Asia Pacific, Max Minton, said the trade marks an important development in market structure. “This transaction establishes an interbank market for cash-settled OTC crypto options. We expect continued expansion as institutional engagement deepens.”
The collaboration highlights how major banks are bridging traditional finance and crypto markets, using familiar instruments such as options, swaps, and structured notes. As institutional adoption accelerates, Asia’s digital asset markets are evolving toward the same risk, liquidity, and compliance standards that underpin global capital markets.
