According to Odaily, DBS Bank, Singapore's largest bank, has been confirmed as the holder of an Ethereum (ETH) address that owns 173,700 ETH, valued at $650 million. The address, which begins with 0x9e92, has reportedly earned over $200 million by holding ETH.
As of December 31, 2023, DBS Bank's total assets amounted to 739 billion Singapore dollars. DBS Bank's significant holding of ETH underscores the growing acceptance and integration of cryptocurrencies within traditional banking systems. The bank's earnings from holding ETH also highlight the potential profitability of such investments.
This development is a significant indicator of the increasing institutional adoption of cryptocurrencies, particularly Ethereum. It also underscores the potential profitability of holding cryptocurrencies as part of an investment portfolio. The fact that a traditional banking institution like DBS Bank has such a substantial holding in Ethereum could encourage other institutions to consider similar investments.
