Key Notes
- The transaction establishes a framework for an interbank crypto options market as institutions seek compliant digital asset exposure.
- DBS clients traded over $1 billion in crypto options and structured notes in H1 2025 with 60% quarterly volume growth.
- Major crypto firms including Crypto.com are pursuing federal bank charters amid increasing regulatory support from the Trump administration.
Two of the world’s largest financial institutions, DBS Bank and Goldman Sachs (GS), have executed the first-ever over-the-counter (OTC) cryptocurrency options trade between banks, signaling a major step toward integrating digital assets trading into traditional finance .
The trade involved cash-settled Bitcoin BTC $110 958 24h volatility: 3.5% Market cap: $2.21 T Vol. 24h: $71.88 B and Ether ETH $3 933 24h volatility: 4.5% Market cap: $473.51 B Vol. 24h: $38.76 B options, structured to help both banks hedge exposures linked to crypto-linked products. According to CoinDesk , the deal mirrors traditional risk management instruments, customizable hedging solutions for professional investors.
“Professional investors are seeking safe, trusted, and well-managed platforms to build their digital asset portfolios. Our trade with Goldman Sachs shows how banking institutions can bring the best practices of traditional finance into the digital asset ecosystem,” said Jacky Tai, Head of Trading and Structuring at DBS.
DBS also revealed that its clients executed over $1 billion in crypto options and structured note trades during the first half of 2025, with trading volumes rising nearly 60% quarter-over-quarter.
Goldman Sachs Expects More Institutional Demand for Crypto Derivatives
Goldman Sachs, among the earliest Wall Street firms to provide crypto derivatives to institutional clients, said the transaction reflects a new phase in the evolution of digital asset markets.
The collaboration with DBS creates the foundation for an interbank crypto options market, with demand expected to grow as financial institutions seek compliant exposure to cryptocurrencies.
“This trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options. We expect to see continued growth as institutional investors become increasingly active,” said Max Minton, Goldman Sachs’ Head of Digital Assets for Asia Pacific.
Major crypto firms are also seeking closer integration with the US banking system. On Oct. 24, Crypto.com joined Circle, BitGo, and Ripple Labs in pursuing US federal bank charters. US President Donald Trump’s controversial decision to pardon convicted Binance Co-founder Changpeng Zhao (CZ) further emphasizes regulatory support for cryptocurrency entities in the US.
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