DBS, Goldman Sachs (GS) conducted the first over-the-counter interbank crypto options trade
Two of the world’s most prominent financial institutions, DBS and Goldman Sachs (GS), said they have conducted the first over-the-counter (OTC) cryptocurrency trading options between banks, marking a major step towards institutionalizing digital assets in Asia.
The trade involved cash-settled Bitcoin and ether Options, which allow banks to hedge exposure tied to crypto-related products, the companies said in an email. Such mirror transactions have long been common in traditional finance, offering structured and customizable risk management tools for institutional portfolios.
The milestone comes amid surging demand for digital asset derivatives. In the first half of 2025 alone, DBS clients executed more than $1 billion in crypto options and structured note trading, with volumes climbing nearly 60% from the first to the second quarter, the bank said. Options Give holders the right, but not the obligation, to transact in the underlying asset at a predetermined price for a specified time.
“Professional investors are looking for safe, reliable and well-managed platforms to build their digital asset portfolios,” said Jacky Tai, who heads trading and structuring at the Singapore-based institution.
“Our trade with Goldman Sachs highlights how platforms can now tap into banks’ strong credit ratings and structuring capabilities to bring the best practices of traditional finance to the digital asset ecosystem,” Tai said in the statement.
Goldman Sachs, one of the very first Wall Street firms to offer crypto derivatives to institutional clients, said the deal reflects an evolution in market structure.
“The trade signals 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 active,” said Max Minton, the bank’s head of digital assets for Asia Pacific.
The transaction underscores how regulated banks are moving to bridge traditional financial and crypto markets through familiar tools such as options, swaps and structured notes. As more institutional players adopt such hedging mechanisms, Asia’s digital asset landscape appears to be emerging to mirror the risk and liquidity frameworks that define global capital markets.
