Singapore’s Largest Bank Makes $200 Million Profit From Major ETH Investment

The largest bank in Singapore, DBS Bank, has been identified as a significant player in the Ethereum (ETH) market, according to on-chain analytics firm Nansen. The bank holds nearly $650 million in ETH reserves. Additionally, he made a mammoth profit of $200 million during the recent ETH price run.

DBS bank emerges as Ethereum whale

Nansen highlighted the news in an article on X by identifying the Ethereum whale as DBS Bank. They pointed out that a blockchain address linked to DBS contains a staggering 173,753 Ether. Additionally, the analytics company highlighted that the reserve is valued at approximately $647 million.

This revelation highlights the bank’s growing involvement in the crypto investment space. These substantial stakes not only signify the bank’s confidence in Ethereum, but also reflect its strategic investment in digital assets. Additionally, Nansen highlighted that the address associated with DBS generated over $200 million in profits from its Ethereum holdings, marking a notable success in the bank’s crypto investment strategy.

Additionally, Singapore’s DBS, which boasts assets under management of US$546 billion (S$739 billion), has continued to expand its footprint in the cryptocurrency sector. The bank offers a full range of services including digital asset custody, security token trading exchange. Additionally, it has rolled out a portfolio management application that caters to both traditional and crypto assets.

This diverse approach positions DBS as a forward-thinking institution embracing digital transformation in the financial sector. Recent news of significant Ethereum accumulation by DBS aligns with broader trends seen in the market as ETH whale accumulation has skyrocketed.

In an article on X, crypto analyst Ali Martinez noted that there had been a “notable increase” in the number of Ether addresses holding more than 10,000 ETH. Martinez highlighted that the number of mega-whales, defined as entities holding more than 10,000 ETH, increased to 10, signaling a major spike. Additionally, this shift from distribution to accumulation indicates growing institutional interest and confidence in Ethereum’s long-term potential.

Read also: Ethereum Price Forecast: $5,000 Target Hindered as BlackRock Submits S-1 Statement

Spot Ether ETF S-1 Approval

The latest news on Ethereum adoption follows the expected approval of the Spot Ether ETF S-1. Earlier, on Thursday (May 23), the US Securities and Exchange Commission (SEC) gave the regulatory green light to 19b-4 filings for eight Ethereum ETFs, including those from BlackRock and VanEck.

Furthermore, black rock recently updated its S-1 filing for the iShares Ethereum Trust on Wednesday, May 29. This demonstrates a strong commitment to launching a Spot Ethereum ETF. In addition, this decision is important because it corresponds to the launch schedule planned for late June or early July.

Bloomberg’s James Seyffart interprets this update as evidence of continued cooperation between ETF issuers and the SEC. This implies that an S-1 approval for these ETFs could be granted soon. Additionally, Eric Balchunas, Senior ETF Analyst at Bloomberg, also commented positively on this development.

Balchunas shared on social media that the updated filing bodes well for the industry. He also hinted at a sequence of steps that could lead to the imminent introduction of these ETFs to the market. Earlier, the analyst highlighted the potential approval date of the Ethereum ETF S-1 as July 4.

Read also: Vanguard Receives Backlash Over Ethereum ETF Ban, But There’s a Catch

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