DBS and Goldman Sachs have executed the first-ever over-the-counter cryptocurrency options trade between two banks. The transaction involved cash-settled Bitcoin and Ether options. This milestone highlights the growing integration of digital assets with traditional finance practices.
On October 29, 2025, Singapore-based DBS and Goldman Sachs completed a pioneering over-the-counter (OTC) cryptocurrency options trade, marking the first such interbank transaction. The deal focused on cash-settled OTC Bitcoin and Ether options, enabling firms to better manage risks associated with cryptocurrency exposures.
DBS emphasized the significance of the event in a news release. “The involvement of two trusted, well-capitalized banks in this pioneer transaction marks a new milestone in the maturation of digital assets in the region,” the bank stated. It added, “It also demonstrates how the ecosystem is increasingly adopting risk management best practices that form the bedrock of traditional asset classes.”
The trade occurs amid rising demand for cryptocurrency-linked products among accredited and institutional investors. In the first half of 2025, DBS clients executed more than $1 billion in trades involving cryptocurrency options and structured notes, with volumes increasing nearly 60% from the first to the second quarter.
Jacky Tai, Group Head of Trading and Structuring at DBS's Global Financial Markets, commented, “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.” This development underscores the evolving role of banks in digital assets, bridging traditional and crypto finance.