Ethereum News: Largest Singapore Bank Bags $200M Profit With 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 worth of ETH reserve. Moreover, it has made a gigantic profit of $200 million during the recent ETH price dally.

DBS Bank Emerges As Ethereum Whale

Nansen spotlighted the news in a post on X as they identified the Ethereum whale to be DBS Bank. They highlighted that a blockchain address linked to DBS, holds an impressive 173,753 Ether. Furthermore, the analytics firm underscored that the reserve is valued at approximately $647 million.

This revelation underscores the bank’s deepening involvement in the crypto investment space. The substantial holdings not only signify the bank’s confidence in Ethereum but also reflect its strategic investment in digital assets. In addition, Nansen highlighted that the DBS-associated address has generated over $200 million in profits from its Ethereum holdings, marking a notable success in the bank’s crypto investment strategy.

Moreover, Singapore’s DBS that boasts an AUM of $546 billion (S$739 billion) has been steadily expanding its footprint in the cryptocurrency sector. The bank offers a comprehensive range of services, including digital asset custody, a trading exchange for security tokens. Furthermore, it has rolled out a portfolio management app that caters to both traditional and crypto assets.

This diversified approach positions DBS as a forward-thinking institution embracing digital transformation in the financial industry. The recent news of significant accumulation of Ethereum by DBS aligns with broader trends observed in the market as ETH whale accumulation has soared.

In a post on X, crypto analyst Ali Martinez noted that there has been a “notable increase” in the number of Ether addresses holding over 10,000 ETH. Martinez pointed out that the number of mega whales, defined as entities with holdings exceeding 10,000 ETH, has surged to 10, signaling a major spike. Moreover, this shift from distribution to accumulation indicates growing institutional interest and confidence in Ethereum’s long-term potential.

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

Spot Ether ETF S-1 Approval

The latest Ethereum adoption news came on the heels of the expected Spot Ether ETF S-1 approval. Earlier, on Thursday, May 23, the U.S. Securities and Exchange Commission (SEC) offered a regulatory nod to the 19b-4 filings for eight Ethereum ETFs, including those by BlackRock and VanEck.

Furthermore, BlackRock recently updated its S-1 filing for the iShares Ethereum Trust on Wednesday, May 29. This signals a strong commitment to launch a Spot Ethereum ETF. Moreover, this move is significant as it aligns with the anticipated launch time frame of late June or early July.

Bloomberg’s James Seyffart interprets this update as evidence of the ongoing cooperation between ETF issuers and the SEC. It implies that an S-1 approval for these ETFs could be granted soon. Additionally, Bloomberg’s Senior ETF analyst Eric Balchunas 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 into the market. Earlier, the analyst spotlighted Ethereum ETF S-1’s potential approval date of July 4.

Also Read: Vanguard Receives Backlash Over Ethereum ETF Ban But There’s A Catch