Trend Research Emerges as One of Ethereum's Largest Whales After Purchasing 46,000 ETH

Trend Research has recently made headlines by acquiring 46,379 Ether, bringing its total holdings to approximately 580,000 ETH. This significant purchase positions Trend Research among the largest private holders of Ethereum, surpassing many public treasuries tracked by CoinGecko.

Key Takeaways

Trend Research has acquired 46,379 ETH, raising its total to about 580,000 ETH.
It now ranks among the largest Ethereum holders, surpassing many public entities.
The company, associated with LD Capital founder Jack Yi, is preparing to invest an additional $1 billion in ETH.
BitMine holds the largest known public ETH balance, exceeding 4 million ETH.
Some firms, like ETHZilla, are selling ETH to manage debts or execute stock buybacks, indicating a shift in treasury strategies.

Trend Research quietly becomes one of Ethereum’s largest whales with 46K ETH buy

Trend Research's Strong Position in Ethereum Holdings

Following its recent purchase, Trend Research has cemented its status as a major player in the Ethereum market. As it stands, only two publicly listed companies, SharpLink Gaming and BitMine Immersion Technologies, report larger Ethereum balances, at 859,853 ETH and 4,066,062 ETH, respectively. However, Trend Research does not appear in most public rankings due to its non-listed status but is gaining significant attention for its rapid accumulation of Ether.

The firm is a secondary investment institution linked to Jack Yi, founder of LD Capital. Blockchain records indicate that Yi has led a series of substantial ETH purchases that began in October. In a recent social media post, Yi expressed that his company is preparing another $1 billion to continue buying Ether and advised traders against shorting the asset.

Trend Research is preparing another $1 billion to buy ETH | Source: Jack Yi

This rapid accumulation by a non-listed entity, along with the extensive holdings of firms like BitMine and SharpLink, raises the concentration of Ethereum treasuries even amidst a delicate market sentiment. Lacie Zhang, a research analyst at Bitget Wallet, explained that companies tend to buy ETH during downturns to convert passive treasury holdings into productive, yield-generating assets. Unlike individual investors who might buy during dips, corporate accumulation is often a deliberate strategy aimed at gaining a stronger influence in the network.

BitMine's Strategic Expansion in Ethereum Holdings

BitMine has recently reached a significant milestone, announcing that it holds over 4 million ETH—represented as more than 3.3% of the total circulating supply of Ethereum. As the largest known public ETH holder, BitMine is planning to grow its Ether treasury beyond its current holdings, aiming for a target of 5% of the total ETH supply.

The company intends to stake a considerable share of its Ether via its “Made in America Validator Network” to earn yields on its long-term investment in Ethereum. Zhang highlighted that the staking mechanism is a critical motivator for BitMine's strategy. By pursuing a 5% supply target, BitMine aims to dominate Ethereum's proof-of-stake consensus mechanism, securing regular validation rewards while lowering its average cost basis regardless of market fluctuations.

Selling Trends from ETHZilla and FG Nexus

Not all entities are adding to their Ethereum holdings, however. ETHZilla, a prominent player in the Ether treasury space, recently sold 24,291 ETH for approximately $74.5 million as part of a strategy to redeem senior secured convertible notes, reducing its total to around 69,800 ETH. Similarly, FG Nexus, a US-listed holding company focused on specialty finance and insurance, has been liquidating ETH to support an aggressive stock buyback program.

Zhang categorized these sales as "balance sheet maneuvers," explaining that both ETHZilla and FG Nexus are choosing to liquidate ETH to pay off debt or manage stock buybacks when their stock trades below the value of their crypto assets. For more aggressive buyers in the market, these liquidations may represent a transfer of wealth from struggling entities to those looking to capitalize on the future potential of the network.