DBS Bank, Singapore’s largest banking institution, has been linked to a substantial Ethereum position worth approximately $647m, according to analysis by blockchain intelligence firm Nansen.
Nansen reported that a blockchain address allegedly associated with DBS holds 173,753 ETH, valued at around $647m at the time of analysis, based on an ether price of roughly $3,730. The analytics firm said the wallet has generated more than $200m in profits from its Ethereum exposure.
While the ownership of blockchain addresses cannot be independently confirmed without disclosure from the institution itself, Nansen said its attribution is based on transaction patterns and on-chain behaviour typically linked to institutional custody or treasury management.
If accurate, the holding would place DBS among the largest known institutional holders of Ethereum, underscoring the growing role of traditional banks in digital asset markets. DBS has previously been active in the crypto space through its digital exchange and tokenisation initiatives, positioning itself as one of Asia’s more crypto-forward financial institutions.
Market observers say the reported ETH position highlights how large banks may be using blockchain assets as part of broader investment, custody or client service strategies, rather than purely speculative trading. Ethereum’s role as the dominant smart contract platform has made it particularly attractive to institutions exploring decentralised finance, tokenised assets and blockchain-based settlement.
DBS has not publicly confirmed the wallet ownership or commented on the reported ETH balance. Analysts note that banks often hold digital assets on behalf of clients, meaning on-chain balances may not necessarily reflect proprietary trading positions.
The report adds to mounting evidence that institutional exposure to major cryptocurrencies extends beyond publicly disclosed products such as ETFs and trusts. As on-chain analytics tools improve, more such holdings are likely to come under scrutiny.
For now, the findings reinforce Ethereum’s position as a key asset for institutions experimenting with blockchain technology alongside traditional finance.
