Analytical company Nansen has linked an Ethereum whale address, which holds 173,700 ETH worth $650 million, to Singapore’s largest bank, DBS Bank.

According to researchers, as of December 31, 2023, DBS holds assets worth 739 billion SGD (~$547 billion).

Nansen claims that the bank has earned around $200 million on the second largest cryptocurrency by market capitalization.

DBS has long been a proponent of digital assets. In 2021, the financial company launched the DDEx crypto trading platform in Singapore, aimed at institutional investors.

In the same year, the Monetary Authority of Singapore granted the bank “in-principle” approval to provide cryptocurrency services.

A user with the nickname kirbyong.sismo noted that DBS has a digital asset exchange for accredited investors, and it is likely that the ETH represents clients’ funds rather than the bank’s own investments.