Trend Research Surpasses Most Ethereum Holders with 46K ETH Purchase

Highlights:

• Trend Research bought 46,379 Ether, increasing its total holdings to about 580,000 ETH.
• The company now has more Ether than most public treasuries, after SharpLink and BitMine.
• Founder Jack Yi said they plan to spend another $1 billion on Ether.

On Wednesday, Trend Research bought 46,379 Ether at $2,928 each. This raised its total holdings to around 580,000 ETH. The firm is now the third-largest Ethereum holder, just behind BitMine and SharpLink Gaming, even though it is private. SharpLink Gaming owns 859,853 ETH, and BitMine Immersion Technologies leads with 4,066,062 ETH. Trend Research’s rapid purchases show how big private firms are gaining influence in Ethereum.

Trend Research Increases Ethereum Holdings Amid Weak Market Sentiment

Trend Research works as a secondary investment firm linked to LD Capital founder Jack Yi. Blockchain records show Yi started buying large amounts of ETH in October. Recent translations of his Thursday post on X say his company plans another $1 billion to keep buying. He also told traders not to short Ether.

我宣布Trend Research再准备10亿美金，在此基础上继续增持买入ETH，我们言行一致，强烈建议不要做空，毫无疑问这将是历史性机会。 https://t.co/bJCjdABpB0

— JackYi (@Jackyi_ld) December 24, 2025

Trend Research’s accumulation, along with BitMine and SharpLink’s public treasuries, is raising Ethereum holdings even as market sentiment stays weak. Lacie Zhang, a research analyst at Bitget Wallet, explained that firms often buy ETH during downturns to turn passive treasuries into “productive, yield-bearing infrastructure.” She added that corporate buying is different from retail dip purchases because it is a strategic move to gain influence in the network.

BitMine announced on Tuesday that its Ether treasury has surpassed 4 million ETH, more than 3.3% of the circulating supply. This makes it the largest publicly listed Ethereum holder. The company plans to grow its holdings further, targeting 5% of the total ETH supply.

Big Ethereum whales have also remained active. The wallet called the “66k ETH Borrow” whale had already collected 528,272 ETH, worth about $1.57 billion, and recently added 40,975 ETH, valued at around $121 million. Lookonchain reported that since November 4, this whale has bought a total of 569,247 ETH, worth approximately $1.69 billion. About $881.5 million of the funds were borrowed from Aave to make these purchases.

The #66kETHBorrow Whale — who previously bought 528,272 $ETH($1.57B) — bought another 40,975 $ETH ($121M) in the past 5 hours.

Since Nov 4, this whale has bought a total of 569,247 $ETH($1.69B), of which $881.5M of the funds used to buy $ETH were borrowed from Aave.… pic.twitter.com/4lt6hOKBwZ

— Lookonchain (@lookonchain) December 24, 2025

Meanwhile, Fasanara Capital used a leveraged strategy, acquiring 6,569 ETH worth $19.72 million over two days. The firm deposited the ETH into the Morpho protocol and borrowed $13 million USDC to buy more Ethereum.

Some Companies Sell Ethereum as Prices Fall Below $3,000

Not all companies are buying more Ethereum. ETHZilla sold 24,291 ETH for about $74.5 million to pay back secured notes. This lowered its holdings to around 69,800 ETH. FG Nexus, a US-listed finance and insurance company, also sold Ether to fund a big share buyback program.

LATEST: ⚡ ETHZilla sold $74.5 million worth of Ethereum to pay off debt and says it will move away from its digital asset treasury strategy, shifting its focus to RWA tokenization instead. pic.twitter.com/ALSW27xSSC

— CoinMarketCap (@CoinMarketCap) December 23, 2025

Adding to the selling pressure, Onchain Lens noted that a Bitcoin OG whale deposited 100,000 ETH, valued at roughly $292.12 million, into Binance. Large deposits like these are often seen as preparation for selling, though they may not lead to immediate liquidation.

The #Bitcoin OG (10/11) has deposited 100,000 $ETH, worth $292.12M, into #Binance.

The OG is still holding his $ETH, $BTC with 5x leverage and $SOL with 20x leverage with a loss of $55M.https://t.co/8UL8qKqNwlhttps://t.co/qVOBMLdaYv pic.twitter.com/KkTUYLNCNJ

— Onchain Lens (@OnchainLens) December 24, 2025

Ethereum faced renewed selling pressure during early Asian trading. It fell below $3,000, dropping more than 2% in the past 24 hours. At the time of reporting, ETH was trading around $2,926.