A private investment firm has quietly moved into the top tier of Ethereum holders. Trend Research’s latest Ether purchase has pushed its total holdings to levels comparable with some of the largest publicly disclosed ETH treasuries, underscoring a growing trend of institutional-scale accumulation during a period of fragile market sentiment.
On Wednesday, Trend Research acquired 46,379 Ether, lifting its total holdings to roughly 580,000 ETH. That puts the firm ahead of most Ethereum treasuries tracked publicly, trailing only two listed companies — SharpLink Gaming and BitMine Immersion Technologies — which report larger balances.
Earlier coverage: Ethereum Treasury Firm Bitmine Surpasses 4 Million ETH After Latest Purchase
Because Trend Research is privately held, its accumulation does not appear in standard treasury rankings. Still, the scale and speed of its buying have drawn attention across the industry, particularly as large ETH positions increasingly influence staking, governance and long-term network economics.
Trend Research is widely linked to LD Capital founder Jack Yi, whose investment vehicles have been responsible for a series of sizable Ether purchases since October, according to onchain data. In a recent post on X, Yi suggested the firm is preparing up to $1 billion in additional capital to continue accumulating ETH, while warning traders against short positions.
Trend Research is preparing another $1 billion to buy ETH | Source: Jack Yi
Strategic accumulation amid uncertain sentiment
The growing concentration of Ether among large treasuries comes at a time when broader market confidence remains uneven. Research analyst Lacie Zhang of Bitget Wallet said corporate buyers often approach ETH accumulation differently from retail investors.
According to Zhang, firms tend to view Ether as “productive, yield-bearing infrastructure” rather than a short-term speculative asset. By building large positions during downturns, companies can position themselves for long-term advantages tied to staking rewards, validator influence and ecosystem participation.
BitMine’s push toward validator dominance
Trend Research’s accumulation follows closely on a milestone announced by BitMine earlier this week. The company disclosed that its ETH holdings now exceed 4 million tokens, representing more than 3% of the circulating supply and making it the largest known publicly listed Ether holder.
BitMine has outlined plans to expand its holdings further, with a stated goal of controlling 5% of the total ETH supply. A significant portion of that balance is expected to be staked through its “Made in America Validator Network,” a strategy aimed at generating consistent yield while reinforcing its long-term commitment to Ethereum’s proof-of-stake model.
Zhang described BitMine’s staking ambitions as a key driver behind its accumulation strategy, noting that large-scale staking can help firms reduce their effective cost basis over time, regardless of short-term price movements.
Sellers make room for aggressive buyers
Not all Ether treasuries are growing. ETHZilla recently disclosed the sale of more than 24,000 ETH to repay senior secured convertible notes, reducing its holdings to under 70,000 ETH. Meanwhile, FG Nexus has been liquidating portions of its ETH balance to fund a share buyback program while its stock trades below the value of its crypto assets.
Zhang characterized these moves as balance sheet management rather than a loss of conviction. In her view, such sales often enable stronger, better-capitalized buyers to absorb supply and consolidate influence across the network.
As private firms like Trend Research join public players in building massive ETH positions, the divide between accumulation and liquidation strategies is becoming more pronounced — with long-term network control increasingly concentrated among a small group of deep-pocketed holders.