Trend Research Buys 46,379 Ethereum, Quietly Closes In on Top Holders

Trend Research has joined the ranks of the largest Ethereum holders after a substantial ETH purchase expanded its holdings.

The private investment firm purchased 46,379 ETH across multiple transactions, thereby lifting its total holdings to more than 580,000 ETH, according to data from Arkham Intelligence.

Private Accumulation Rivals Public Ethereum Treasuries

With the latest purchases completed on Wednesday, Trend Research now holds more ETH than nearly all publicly listed companies tracked by CoinGecko. Indeed, only two firms — BitMine and SharpLink Gaming — report larger balances.

Specifically, SharpLink Gaming holds approximately 859,853 ETH, while BitMine Immersion Technologies controls more than 4 million ETH. These comparisons underscore how rapidly Trend Research has scaled its Ethereum exposure.

However, because the firm is privately owned, its holdings are not typically included in standard Ethereum treasury disclosures. Even so, its pace of accumulation has not gone unnoticed within the industry.

Connection to Jack Yi and Ongoing ETH Purchases

Trend Research is a secondary investment vehicle linked to Jack Yi, the founder of LD Capital. Blockchain data shows that ETH purchases associated with Yi began in October and have continued steadily since then.

Building on this activity, Yi posted on X on Thursday that Trend Research is preparing to deploy an additional $1 billion into Ethereum. In addition, he cautioned traders against shorting ETH, reinforcing the firm’s long-term, conviction-driven strategy.

Growing Concentration as Market Sentiment Remains Fragile

Meanwhile, Trend Research’s accumulation reflects a broader pattern within the Ethereum ecosystem. Specifically, alongside BitMine and SharpLink, ETH ownership is increasingly concentrated among a small group of well-capitalized entities. The trend continues despite a broadly cautious market sentiment.

Looking ahead, BitMine plans to increase its position further, aiming to reach 5% of the total ETH supply. To support this strategy, the company intends to stake a substantial portion of its holdings through its “Made in America Validator Network.”

Commenting on this, Lacie Zhang, a research analyst at Bitget Wallet, noted that companies often accumulate ETH during market downturns. She explained that firms are increasingly seeking to convert idle treasury assets into yield-generating infrastructure rather than engaging in short-term trading.

Not All Ethereum Treasuries Are Expanding

While some firms continue to accumulate ETH, others are actively reducing their exposure. ETHZilla recently disclosed that it sold 24,291 ETH for approximately $74.5 million, using the proceeds to repay senior secured convertible notes. Consequently, the sale reduced its remaining balance to around 69,800 ETH.

Similarly, FG Nexus, a US-listed finance and insurance company, has been selling Ethereum to fund an aggressive share repurchase program.

According to Zhang, these sales are mostly about managing finances, not leaving the Ethereum market. Companies often sell crypto to handle debt or support their stock prices.

At the same time, these sales give opportunities for buyers who want to gain long-term influence in the Ethereum network. In effect, Ethereum is moving from firms with financial pressure to those with more resources.