Blockchain analytics platform Nansen has identified Singapore’s largest bank, DBS, as a significant Ethereum holder, labeling it an "Ethereum whale." According to Nansen, a wallet associated with DBS holds approximately 173,753 ETH, valued at $648 million, and the bank has reportedly made over $200 million from these holdings. Nansen analyst Edward Wilson confirmed the wallet belongs to DBS, suggesting the assets are part of the bank’s custody solution.

However, a DBS spokesperson denied the claim, stating the bank does not have such holdings. If true, Etherscan data indicates DBS would be among the top 40 holders of Ethereum, placing it alongside major crypto exchanges.

DBS is Southeast Asia’s largest bank by assets, with Singapore's Sovereign Wealth Fund, Temasek, as its largest shareholder. Crypto community members see DBS’s alleged ETH ownership as a sign of growing institutional interest in crypto. Some speculate the ETH might belong to DBS’s customers, as the bank launched a crypto trading and custody platform in 2020. DBS has noted increasing interest in crypto from retail investors, high-volume traders, and hedge funds.