Singapore's Largest Bank DBS Reported To Hold $648 Million In Ethereum

By: Eva Baxter

According to blockchain analytical platform Nansen, Singapore's largest bank, DBS, has been identified as a significant Ethereum holder. Nansen's May 30th social media post revealed that DBS allegedly holds around 173,753 ETH, valued at approximately $648 million. The wallet in question, identified as '0x9e927c02c9eadae63f5efb0dd818943c7262fb8e,' has reportedly generated over $200 million from its Ethereum holdings.

Nansen analyst Edward Wilson stated, 'Nansen is 100% sure this belongs to DBS. DBS owns the private key to this wallet, and these assets are most likely part of their custody solution. This is similar to how institutions, both crypto-native like exchanges such as Binance or Coinbase, and non-crypto-native institutions, custody funds on behalf of their users.'

However, DBS Bank has refuted these claims. A spokesperson for DBS told Decrypt, 'In relation to the post, DBS does not have this position on our books.'

Ranking Among Ethereum Holders

According to Etherscan data, the purported ETH stash would place DBS among the top 40 holders of Ethereum, the second-largest digital asset by market capitalization. This ranking positions the bank closely behind wallets belonging to centralized exchanges such as Crypto.com and Bybit. Notably, DBS stands out as the sole traditional financial institution amidst a list primarily dominated by major exchanges and crypto platforms.

With assets totaling S$739 billion as of December 2023, DBS is recognized as the largest bank in Southeast Asia by assets, and it is one of the largest banks in Asia. The bank's largest shareholder is Singapore's Sovereign Wealth Fund, Temasek.

Speculations and Institutional Interest

The crypto community has been buzzing with discussions about DBS's alleged Ethereum holdings, viewing it as further evidence that institutional investors are displaying increased interest in cryptocurrency as a legitimate asset class. Some community members have speculated that the Ethereum in question might actually belong to the bank's customers. In 2020, DBS introduced a crypto trading and digital asset custody platform for security token offerings. According to the DBS website, 'DBS Digital Exchange offers trading services between four fiat currencies (SGD, USD, HKD, JPY), and six of the more established cryptocurrencies, namely Bitcoin, Ethereum, Bitcoin Cash, Polkadot, Cardano, and XRP.'

Furthermore, a recent report from DBS has noted an increase in interest in the crypto market from retail investors, high-volume traders, and hedge funds.

As this story continues to develop, more updates on DBS's involvement and holdings in the cryptocurrency space are expected to follow.