TL;DR
- Goldman Sachs and DBS completed the first OTC crypto options trade between two major banks.
- The transaction involved cash-settled Bitcoin (BTC) and Ether (ETH) options.
- The milestone demonstrates the adoption of traditional finance practices in digital asset risk management.
Wall Street giant Goldman Sachs and Singapore’s main bank, DBS, have successfully completed the first interbank over-the-counter (OTC) crypto options transaction between two banks, undoubtedly an unequivocal sign of growing institutional adoption of digital assets.
This pioneering move marks a new achievement in the maturation of digital assets and the integration of cryptocurrencies into the traditional financial system.
The historic operation, announced this Wednesday, involved cash-settled Bitcoin (BTC) and Ether (ETH) options. This type of financial instrument is crucial, as it allows companies offering cryptocurrency-linked products to manage the risk profile of their exposure to market volatility much more effectively.
The participation of two top-tier, strongly capitalized, and regulated banks demonstrates how the ecosystem is rapidly adopting the risk management best practices that are fundamental in traditional asset classes.
A Bridge between Traditional Finance and Digital Assets
This collaboration not only validates the crypto derivatives market but also lays the foundation for an interbank market for cash-settled interbank OTC crypto options.
Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets at DBS, highlighted that professional investors seek safe and reliable platforms to build their digital asset portfolios, and this operation with Goldman Sachs highlights how banks’ capabilities can bring the best practices of traditional finance to the digital ecosystem.
For his part, Max Minton, Head of Digital Assets for Asia Pacific at Goldman Sachs, stated that the transaction “signifies the development of an interbank market” for these products. Minton added that they expect to see “continued growth” in this space as institutional investors become increasingly active.
This achievement comes in a context of growing demand; in the first half of 2025 alone, DBS clients executed over a billion dollars in crypto options and structured notes trades, showing nearly 60% growth between the first and second quarters.
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