Singapore’s Largest Bank DBS Holds Nearly $650M in Ether: Nansen Report

DBS, the largest bank in Singapore, is an ether (ETH) whale, according to on-chain analytics firm Nansen.

A blockchain address, reportedly owned by DBS, held 173,753 ETH, valued at $647 million at the time of reporting. Ether was trading at $3,730 per token at that time.

Nansen indicated that this address has generated over $200 million from its ether holdings.

“In relation to the post, DBS does not have this position on our books,” a DBS spokesperson clarified.

Ether is the native token of Ethereum, the world’s leading platform for creating smart contracts and decentralized applications. Ethereum has become a preferred technology for investment banks looking to tokenize capital markets.

Nansen highlighted this substantial holding: “We’ve identified this $650M ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling S$739 billion as of December 31, 2023. This address has made over $200M by holding ETH… 🤯”

DBS is no stranger to the crypto world, offering a range of services including digital asset custody, a trading exchange for security tokens, and a portfolio management app for both traditional and crypto assets.

A recent report by DBS highlighted the increasing interest in the crypto market from retail investors, high-frequency traders, and hedge funds.

Nansen’s revelation of DBS’s ether holdings comes as the crypto market eagerly anticipates the launch of spot ether exchange-traded funds in the U.S., which are expected to significantly enhance the mainstream institutional adoption of cryptocurrency.

Since 2020, several publicly listed firms have turned to cryptocurrencies, primarily bitcoin, to diversify their reserves. Bitcoin ETFs began trading in the U.S. in January.