DBS and Goldman Sachs have completed the first-ever over-the-counter (OTC) cryptocurrency options trade between two banks, marking a significant milestone in the digital asset sector. This pioneering transaction involved cash-settled OTC Bitcoin and Ether options, showcasing the adoption of risk management practices typical of traditional asset classes.
The trade comes amid increasing demand for cryptocurrency-linked products, with institutional investors seeking to expand their exposure to digital assets. In the first half of 2025, DBS clients executed over $1b in cryptocurrency options and structured notes, with trade volumes rising nearly 60% from Q1 to Q2 2025.
Jacky Tai, Group Head of Trading and Structuring at DBS, emphasised the importance of trusted platforms in the digital asset space. “Our trade with Goldman Sachs highlights how platforms can now tap the strong credit ratings and structuring capabilities of banks to bring the best practices of traditional finance into the digital asset ecosystem,” he stated.
Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, noted the significance of the development. “The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space,” he said.
As the digital asset ecosystem continues to evolve, this transaction underscores the potential for further integration of traditional financial practices, paving the way for more robust and secure cryptocurrency trading environments. Investors are advised to carefully assess their investment objectives and risk appetite before engaging in cryptocurrency-linked products.
