Goldman Sachs, DBS Execute Landmark Over-the-Counter Crypto Options Deal

DBS and Goldman Sachs Complete Landmark Interbank Crypto Options Trade

DBS and Goldman Sachs have executed the first over-the-counter (OTC) cryptocurrency options trade between banks, marking a significant milestone in the institutional adoption of digital assets across Asia.

The transaction involved cash-settled bitcoin (BTC) and ether (ETH) options, designed to help both banks hedge exposure to crypto-linked products while offering a regulated pathway for structured digital asset trading. These customized OTC instruments mirror traditional finance practices, providing institutional investors with flexible risk management tools.

DBS said its clients have executed more than $1 billion in crypto options and structured note trades during the first half of 2025 — a 60% increase in quarterly volumes — reflecting growing appetite for derivatives tied to digital assets.

“Professional investors are looking for secure, trusted platforms to expand their digital asset portfolios,” said Jacky Tai, Head of Trading and Structuring at DBS. “Our collaboration with Goldman Sachs demonstrates how banks can combine credit strength and structuring capabilities to bring traditional finance standards into the digital asset space.”

Goldman Sachs’ Head of Digital Assets for Asia Pacific, Max Minton, said the transaction signals a new phase of market evolution. “This trade represents the development of an interbank market for cash-settled OTC crypto options. We expect continued growth as institutional participation accelerates.”

The deal underscores how regulated financial institutions are building bridges between traditional markets and crypto finance, leveraging familiar instruments like options, swaps, and structured notes. As adoption widens, Asia’s crypto markets are steadily aligning with global capital market frameworks around risk management, liquidity, and compliance.

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