A wallet address linked to DBS, Singapore’s largest bank, holds 173,700 ETH worth $650 million

On May 30, 2024, Blockchain analytics firm Nansen reported that a wallet address 0x9e927c02c9eadae63f5efb0dd818943c7262fb8e that has been linked to DBS Bank, Singapore’s largest bank, holds about 173,700 ETH.

Nansen 🧭 on X: "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 .

This significant holding places the bank among the top 40 largest ETH holders in the world.

Nansen identified the wallet and reported that it has already made $200 million profit by holding ETH.

However, DBS Bank has not confirmed ownership of this wallet. Leaving room for speculation and discussion within the crypto community.

The bank's non-confirmation does not necessarily imply a denial but highlights the often-private nature of such holdings and the strategic considerations behind public disclosures.

On the other hand, DBS already launched crypto trading function to clients. Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (DDEx) through DBS digibank.

The reported holdings of about 173,700 ETH, valued at around $650 million, indicate a strong institutional interest in cryptocurrency as an asset class.

The involvement of a major bank like DBS could signal a growing acceptance of cryptocurrencies within the mainstream financial industry.