DBS, Singapore’s largest banking institution, has been identified as a significant holder of Ethereum (ETH) by on-chain analytics firm Nansen.
DBS, Singapore’s largest banking institution, has been identified as a significant holder of Ethereum (ETH) by on-chain analytics firm Nansen. According to Nansen, a blockchain address allegedly associated with DBS holds 173,753 ETH, valued at approximately $647 million at the time of reporting, with Ether trading at $3,730 per coin. Nansen's analysis suggests that this address has generated over $200 million in profits from its Ether investments.
Over the years, Ethereum has become a key technology for investment banks looking to tokenize capital markets. BlackRock launched its tokenized BlackRock USD Institutional Digital Liquidity Fund, BUIDL, on the Ethereum (ETH) network earlier in March. It is backed by the U.S. Treasury bills, repo agreements and cash.
DBS has refuted these claims, stating: “In relation to the post, DBS does not have this position on our books.” However, DBS currently offers an array of digital asset services, including custody solutions, a trading exchange for security tokens, and a portfolio management application that integrates both traditional and crypto assets. A recent DBS report highlighted a surge in crypto market interest from various sectors, including retail investors, high-frequency traders, and hedge funds.
Since 2020, numerous publicly traded companies, like Tesla, have diversified their reserves by investing in Bitcoin. The trading of Bitcoin ETFs commenced in the U.S. in January, marking a significant milestone in the integration of digital assets into traditional financial markets.
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