DBS and Goldman Claim Crypto Option First

DBS and Goldman Sachs say they have completed the first ever OTC cryptocurrency options trade between two banks, marking a milestone in the maturation of crypto assets in Asia-Pacific.

The banks say the deal, which also demonstrates how the ecosystem is increasingly adopting risk management best practices that form the bedrock of traditional asset classes, involved trading cash-settled OTC bitcoin and ether options. They add such trades enable firms which offer cryptocurrency-linked products to better manage the risk profile of their cryptocurrency exposures.

In the first half of 2025, DBS says its clients executed over US$1 billion of trades involving cryptocurrency options and structured notes, with trade volumes growing almost 60% from Q1 2025 to Q2 2025. “Professional investors are seeking safe, trusted and well-managed platforms to build their digital asset portfolios,” says Jacky Tai, group head of trading and structuring, global financial markets, DBS. “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, adds, “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.”