Singapore’s DBS Bank Holds $648 Million in Ethereum Reserves, Nansen Reveals

DBS Bank, Singapore’s leading financial institution, has consolidated its position as one of the biggest Ethereum whales, according to recent analysis from blockchain platform Nansen.

According to the data collected, the bank holds around 173,753 ETH, which is equivalent to approximately 648 million dollars, kept in the wallet with address “0x9e927c02c9eadae63f5efb0dd818943c7262fb8e”. This significant amount shows a profit of more than 200 million dollars arising from these cryptocurrencies.

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 31 Dec’23

This address has made over $200m by holding ETH… 🤯

Track the address on Nansen here: 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e pic.twitter.com/2rkM3cZ6gJ

— Nansen 🧭 (@nansen_ai) May 30, 2024

This volume of Ethereum places DBS among the top 40 holders of the cryptocurrency globally, surpassing even some of the main crypto platforms and exchanges such as Crypto.com and Bybit’s Hot Wallet 1. Notably, DBS stands out as the only traditional financial institution among these major players, which highlights its prominent position in the cryptoasset market.

In addition to its banking operations, DBS also actively explores the cryptocurrency sector through the DBS Digital Exchange. This service allows the trading of cryptocurrencies such as Bitcoin, Ethereum, among others, with various fiat currencies, and reaffirms the bank’s commitment to innovation and adaptation to new financial paradigms.

Recently, the bank has noticed a considerable increase in interest in cryptocurrencies, both from retail investors and high-volume traders and hedge funds. This growing adoption indicates a broader recognition of cryptoassets as a legitimate asset class.

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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.