While the crypto market eagerly awaits the approval of Ethereum spot ETFs in the US, a surprising revelation has emerged: DBS, Singapore’s largest bank, is said to hold a colossal Ether portfolio worth $647 million.
DBS holds one of the largest institutional reserves of Ethereum
DBS Singapore’s banking giant, seems to be ahead of the game when it comes to crypto investments.
According to a report by Nansen, the address Ethereum from DBS currently holds 173,753 ETH. With the current price of Ether approaching $3,786 at the time of writing, this equates to an astronomical crypto reserve of over $647 million.
Although DBS has not officially confirmed these allegations, the figures for Nansen reveal that the alleged portfolio of DBS has already generated more than $200 million in profits from its Ether holdings.
With total assets of $740 billion, the crypto holdings of DBS represent only a fraction of its overall reserves. Nevertheless, this growing foothold in the crypto space positions the bank as a major player in future institutional adoption.
DBS, a pioneering bank in the world of digital assets
DBS is no newcomer to the crypto space. The bank already offers a range of services linked to digital assets, including crypto asset custody, a security token exchange and a portfolio management application for traditional and crypto assets.
In a recent report, DBS highlighted the growing interest of retail investors, high-frequency traders and hedge funds in the crypto market. With its substantial holdings in Ethereum, the bank seems well positioned to capitalize on the impending institutional adoption.
This revelation comes at a pivotal moment when the crypto market is eagerly awaiting the launch of exchange-traded funds (ETFs) cash Ethereum in the U.S. These ETFs should stimulate massive institutional adoption of Ether, a potential catalyst for a new upward price wave.
As institutional adoption of crypto-currencies such as Bitcoin and Ethereum accelerates, this revelation about DBS’s Ether holdings highlights the leading role that large traditional banks are playing in this new era of finance. With the expected approval of ETF Ethereum spot institutional appetite for crypto should continue to grow.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
