DBS and Goldman Sachs claim crypto options first

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Wall Street staple Goldman Sachs and Singapore’s DBS  are the two counterparties in the trade which involved cash-settled OTC Bitcoin and Ether options.

According to a statement, options trading provides the ability to better manage the risk profile of crypto exposure at a time when demand for crypto-linked products is on the increase. 

DBS states that in the first half of 2025, clients executed trades worth more than $1bn involving crypto options and structured noted, up 60% from the previous year. 

“The trade signifies the development of an interbank market for cash-settled OTC cryptocurrency options, an area where we expect to see continued growth as institutional investors become increasingly active in this space,” said Max Minton, head of digital assets in Asia Pacific at Goldman Sachs.