DBS and Goldman Sachs have successfully completed the first-ever over-the-counter (OTC) cryptocurrency options trade between two banks. The involvement of two trusted, well-capitalised banks in this pioneer transaction marks a new milestone in the maturation of digital assets in the region. It also demonstrates how the ecosystem is increasingly adopting risk management best practices that form the bedrock of traditional asset classes.

The transaction between DBS and Goldman Sachs involved trading cash-settled OTC Bitcoin and Ether options. Such trades enable firms which offer cryptocurrency-linked products to better manage the risk profile of their cryptocurrency exposures.

This comes at a time where there is growing demand for cryptocurrency-linked products, as accredited and institutional investors build exposure to the asset class. In the first half of 2025, DBS clients executed over USD 1 billion of trades involving cryptocurrency options and structured notes, with trade volumes growing almost 60% from Q1 2025 to Q2 2025.

Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS, said: “Professional investors are seeking safe, trusted and well-managed platforms to build their digital asset portfolios. In response, platforms are stepping up to enhance their risk management capabilities. 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.”

Max Minton, Head of Digital Assets in Asia Pacific at Goldman Sachs, said: “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.”

Source: DBS