Financial giants DBS and Goldman Sachs successfully executed an interbank OTC deal involving Bitcoin and Ethereum options. This initiative marks the first transaction of its kind between the two banks.
DBS, a leading Singaporean bank and one of Asia’s largest financial conglomerates, and Goldman Sachs, a U.S.-based financial conglomerate and one of the world’s largest investment banks, announced the successful completion of an over-the-counter (OTC) crypto options transaction.
The deal involved cash-settled options on Bitcoin and Ethereum and was aimed at testing ways to enhance risk management for firms offering cryptocurrency products.
According to DBS, in H1 2025, the bank’s clients executed crypto trades worth over $1 billion, while the volume of options and structured note trades in Q2 rose nearly 60% compared with Q1.
Jacky Tai, Group Head of Trading & Structuring for Treasury & Markets at DBS Bank, said institutional interest in such instruments is growing rapidly, as professional investors seek reliable and regulated platforms to build digital portfolios. The deal with Goldman Sachs, he noted, demonstrates how banks can leverage their credit ratings and structuring expertise to apply traditional finance practices in the digital asset ecosystem.
Max Minton, APAC Head of Digital Assets at Goldman Sachs, emphasized that the transaction marks the formation of an interbank OTC market for crypto options, a segment expected to grow further as institutional participation increases.
The deal reinforces the trend of convergence between digital and traditional financial markets. Previously, Deutsche Börse Group launched an institutional solution for OTC settlement of digital assets via custody services, while crypto custodian BitGo introduced an institutional-grade OTC trading platform enabling spot trading of cryptocurrencies, derivatives, and credit and yield-generating products.
