Goldman Sachs, DBS Complete First Interbank OTC Crypto Options Trade

Goldman Sachs and Singapore's DBS bank have completed the first over-the-counter (OTC) crypto options trade between two major banks, marking a significant milestone in the integration of digital assets into traditional finance. The transaction involved cash-settled Bitcoin and Ether options, allowing the banks to hedge exposure to cryptocurrency-linked products and manage market volatility risk effectively. This deal signals growing institutional adoption and confidence in digital assets, as well as the emergence of an interbank market for cash-settled OTC crypto options. In the first half of 2025, DBS clients executed over $1 billion worth of crypto options and structured note trades, reflecting a 60% increase from the previous year. Both banks emphasized that this collaboration brings traditional financial risk management practices into the digital asset ecosystem, fostering safer and more reliable platforms for professional investors. The trade highlights the increasing role of regulated banks in building a mature and trusted crypto derivatives market.