Singapore’s largest bank DBS holds $650 million in ETH: Nansen

• Singapore’s DBS bank holds over 173.7k ETH worth $650 million.
• Blockchain analytics plaform Nansen identified a whale wallet with the ETH as belonging to the bank.

DBS, Singapore’s largest bank that boasts nearly $740 billion in assets, holds Ethereum (ETH) worth $650 million.

On Thursday, blockchain analytics firm Nansen revealed that a whale address with more than 173,700 ETH belongs to DBS. According to Nansen, the said wallet is $200 million in profit on the ETH holdings.

At the time of writing, the wallet address held 173,753 Ether tokens. At current ETH prices of $3,738, that’s worth around $649.4 million.

While this report highlights DBS’ crypto portfolio in terms of ETH holdings, it’s worth noting that the bank has traction in the crypto space. DBS runs a digital asset custody and exchange, catering to accredited investors and announced plans to launch a crypto retail desk.

DBS recently released a report that showed increased demand for crypto across retail and hedge funds among other investors. Per the research, a lot of the interest is around “ETF-like financial products backed by cryptos.”

SEC recently approved spot ETH ETFs

Ethereum price reached highs of $4,000 in March and rose close to the mark this month after the US Securities and Exchange Commission (SEC) approved the rule change that allows for the listing of spot Ethereum ETFs in the US.

Anticipation is high ahead of the trading debut of ETH ETFs on exchanges. BlackRock’s filing of an updated spot Ethereum ETF S-1 form has added to speculation that this could happen in coming weeks.

More issuers whose 19b-4s the SEC approved recently are also expected to file their revised S-1s. Bloomberg senior ETF analyst Eric Balchunas sees end of June as a probable timeline.

DBS’ holding of ETH among other tokens is an overall bullish indicator for Ethereum and the market, particularly in regards to institutional demand.

The positive sentiment around US regulatory approach to crypto also adds to this outlook.