Singapore’s Largest Bank DBS Identified as Major Ethereum Whale with Nearly $650M in Holdings

June 03, 2024

By Anjali Kochhar

DBS, Singapore’s largest bank, has been discovered as a significant Ethereum (ETH) holder by blockchain analytics firm Nansen. The address in question, purportedly held by DBS, presently contains 173,753 ETH, which is equivalent to nearly $647 million USD at current market values.

Nansen’s analysis reveals that DBS’s Ethereum holdings have already yielded over $200 million in profits. However, a DBS spokesperson has denied the bank’s involvement, stating that the reported position is not on their books.

Ethereum, the native cryptocurrency of the Ethereum blockchain, has gained prominence as a leading platform for smart contracts and decentralized applications. Investment banks have increasingly turned to Ethereum for tokenizing capital markets, leveraging its robust capabilities.

Despite the denial of direct involvement in the reported holdings, DBS has been actively engaged in the cryptocurrency space, offering services such as digital asset custody, trading exchanges for security tokens, and portfolio management apps for both traditional and crypto assets.

A recent report by the bank underscores the growing interest in the crypto market, with participation from retail investors, high-frequency traders, and hedge funds. This revelation by Nansen coincides with anticipation in the crypto community for the launch of spot Ethereum exchange-traded funds (ETFs) in the United States, expected to further drive institutional adoption of the cryptocurrency.

Since 2020, many publicly traded corporations have diversified their reserves by transferring cash to cryptocurrencies, notably Bitcoin. Bitcoin ETFs made their debut in the United States earlier this year, marking a big step toward mainstream acceptance. With Ethereum ETFs on the horizon, the cryptocurrency market is set for significant expansion and institutional participation.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.