DBS & Goldman Sachs Complete First Inter-Bank OTC Crypto Options Trade

By Matt Brienen

Published: 2025-10-29T18:00:43+00:00

In a landmark transaction, DBS and Goldman Sachs have executed the first known over-the-counter (OTC) cryptocurrency options trade between two major banks. The deal was cash-settled and involved options on both Bitcoin (BTC) and Ethereum (ETH), enabling the institutions to hedge exposure tied to crypto-linked products.

This transaction signals the maturation of institutional interest in digital assets, as banks move from simple trading exposure to structured derivatives, aligned with traditional finance risk-management tools. In the first half of the year alone, DBS clients executed more than $1 billion in crypto options and structured‐note trades, reflecting a jump in volume and demand. For the crypto industry, this sets a precedent: the inter-bank market for crypto derivatives is now active, likely ushering in deeper liquidity, more sophisticated product development, and bridge-building between Wall Street and Web3.