DBS denies claims that it is an Ether whale with $650M ETH

SINGAPORE: Singapore’s largest bank, DBS, is an Ether (ETH) whale with $650 million ETH, according to Nansen, an on-chain analytics firm.

A specific blockchain address, 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e, is supposedly linked to DBS. It possesses a substantial 173,753 ETH, valued at approximately $647 million, trading at $3,730, as per Coindesk’s report on May 30.

As of May 31, 11:20am, Nansen’s data shows that the blockchain address possesses 173,388 ETH, valued at $650,426,567, trading at $3,751.

Nansen reports that this wallet associated with DBS has allegedly amassed over $200 million in profits from its Ethereum holdings. However, a spokesperson for DBS clarified that the bank does not acknowledge having such a significant Ethereum position on its balance sheet.

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

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

Ethereum, known for its native token Ether, is a leading platform for decentralised applications and smart contracts globally.

In recent years, Ethereum has attracted attention from investment banks due to its potential for revolutionising capital markets through tokenization.

DBS, an established player in the crypto space, offers various services ranging from digital asset custody to trading exchanges for security tokens and portfolio management applications covering both traditional and crypto assets.

In a recent report, DBS highlighted the increasing interest in cryptocurrencies among retail investors, high-frequency traders, and hedge funds. This growing enthusiasm coincides with Nansen’s disclosure of DBS’ substantial Ethereum holdings, adding to the anticipation within the crypto market for the introduction of spot Ether exchange-traded funds (ETFs) in the United States.

The introduction of such ETFs is expected to drive Ethereum towards broader institutional adoption.

The trend of listed companies diversifying their reserves by investing in cryptocurrencies, particularly Bitcoin, gained momentum since 2020. In January, Bitcoin ETFs began trading in the United States. /TISG

Read also: DBS Group Holdings reaches S$100 billion market cap on record 1QFY2024