Goldman Sachs executes first OTC crypto options trade
Goldman Sachs is looking into offering over-the-counter bilateral options. The firm announced that it has conducted its first over-the-counter crypto options trade.
The first trade of its kind by a Wall Street bank
Goldman traded a a non-deliverable Bitcoin option with crypto merchant bank Galaxy Digital. The options trades are of greater systematic relevance to the markets than cleared futures or other exchange-based products. Compared to CME Group's exchange-based bitcoin products, which Goldman began trading last year, the bank takes on more risk by acting as principal in the transactions.Goldman Sachs' move is the first step banks have taken to offer direct, customizable exposure to the crypto market. The decision was not made without reason, as the bank has seen high demand for options on digital assets, Goldman's global head of crypto trading Andrei Kazantsev, said in December. Goldman's risk may imply their confidence in crypto's maturity to date.
Institutions are taking crypto options more seriously
Goldman Sachs isn't the only institution that has been diving into options Chicago-based trading firm DRW Holdings announced at the start of March that it wants to offer over-the-counter bilateral crypto options, and CK Zheng, formerly the global head of valuation risk at European investment bank Credit Suisse plans to launch a $200 million crypto fund called ZX Squared Capital, which will deploy strategies in crypto options.Investors use cryptocurrency options to hedge existing risk or take on additional market exposure. Options are a type of financial instrument called a derivative, which obtains its value from the price of another asset – in this case, the underlying cryptocurrency. It is widely used in the traditional markets and seems to be getting more attention in the crypto industry. The options market has grown nearly 10-fold since 2020, but remains small compared to the traditional market.
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