Singapore’s DBS Bank Rolls Out Ethereum Tokenization as ETH Treasuries Hit $17B

DBS Bank has announced it will begin issuing structured notes on the Ethereum blockchain. This comes after the total valuation of the ETH treasury crossed the $17 billion mark.

DBS Bank Launches Tokenized Ethereum Structured Notes

In a recent press release, Singapore’s biggest bank, DBS, has unveiled plans to issue structured notes via the Ethereum blockchain. This is an important step in tokenized finance. The bank will let accredited and institutional investors access advanced financial products.

The structured notes will be available on digital platforms like ADDX, DigiFT, and HydraX. Normally, structured notes need a minimum investment of $100,000. They are tailored to meet specific investor needs, making them hard to sell and non-fungible. With tokenization, DBS will issue tokens worth $1,000 each, making these products easier to trade.

Tokenizing cryptocurrency-linked participation notes for its initial offering will expose investors to digital assets. Investors would not require direct ownership of cryptocurrencies. These notes are designed to generate payouts when crypto prices rise, while including downside protection against potential losses.

In addition to cryptocurrency, DBS intends to expand its ecosystem of digital assets by tokenizing notes linked to credit and equity. Li Zhen, DBS’s Head of Foreign Exchange and Digital Assets, underlined how important this development is.

The move comes after DBS launched crypto-linked structured notes exclusively for its clients in 2024. In the first half of 2025, trading in these instruments surpassed $1 billion. This was a 60% increase from the previous quarter.

ETH Treasuries Hit $17 Billion Valuation

DBS Bank’s announcement coincides with a surge in ETH treasury holdings. Over 4.1 million ETH are held by entities collectively, according to data from StrategicETHReserve.  This is worth $17 billion and accounts for 3.39% of the entire supply.

BitMine Immersion Technologies leads the way, holding about 1.5 million ETH worth $6.6 billion. The company recently bought 52,475 ETH for $220 million, adding to its strong portfolio. This change in strategy is significant because the firm usually focuses on Bitcoin mining.

SharpLink Gaming comes in second, with 740,760 ETH valued at $3.2 billion after a big purchase earlier this month. The Ether Machine now has 345,400 ETH after raising $97 million. The Ethereum Foundation also keeps 231,600 ETH in its treasury.

The rise in ETH held by these businesses and the DBS Bank’s plan demonstrate Ethereum’s potent position as a top blockchain for financial infrastructure.