Trend Research has materially expanded its Ethereum treasury to roughly 580,000 ETH, with the position valued around $1.72–$1.83 billion. The buildout is largely tied to decentralized borrowing and is aligned with the firm’s publicly bullish stance on Ethereum into 2026.
Recent on-chain activity shows both fresh accumulation and additional leverage. Trend Research added an estimated 46,379 ETH in a leveraged purchase worth about $137 million and also posted 11,520 ETH (approximately $34.93 million) as collateral to secure a $20 million USDT loan on Aave, bringing total holdings to about 580,000 ETH.
Leverage profile and cost basis set the operating constraints
The capital structure behind the position is heavily debt-linked. Total USDT loans are reported in a range of roughly $887 million to $958 million, implying an effective leverage ratio near 2x and meaning ETH price moves are amplified across the firm’s exposure.
This #66kETHBorrow Whale(confirmed to be Trend Research) just bought another 11,520 $ETH($34.93M).https://t.co/Zuz4m0o4rf pic.twitter.com/W4zTLoFVeZ
— Lookonchain (@lookonchain) December 29, 2025
The entry profile also defines the current P&L reality. Trend Research began building the position in early November when ETH traded near $3,400, with an average acquisition cost estimated at about $3,208 per ETH, translating into an unrealized loss of roughly $141 million on the current position.
Founder Jack Yi (also referenced as Yi Lihua) has framed the posture as intentional and time-horizon driven. Yi has described the accumulation as a long-term strategy tied to an anticipated bull market phase in early 2026, signaled the potential to deploy up to $1 billion more into ETH, and warned against shorting the cryptocurrency.
Market footprint and risk mechanics for a concentrated ETH treasury
This scale places Trend Research alongside other large institutional accumulators and positions it as a meaningful whale in ETH market structure. A treasury of roughly 580,000 ETH is large enough that counterparties and market observers will naturally track changes in collateral, borrowing, and any incremental deployment of the additional $1 billion the firm has indicated.
The same structure that magnifies upside also magnifies downside under stress. Commentators have highlighted liquidation cascades as a systemic risk for heavily leveraged corporate treasuries, and Trend Research’s shortfall between cost basis and current valuation makes margin and loan management a central operational variable.
Forecast framing around 2026 remains wide, which is consistent with the firm’s conviction-driven stance. Some analysts cited alongside this development project upside targets for ETH in the $4,500–$7,800 range by 2026, reinforcing why Trend Research is willing to carry leverage despite the current unrealized loss.
There is also a timeline detail worth keeping in view given how it can affect narrative interpretation. While the build is described as starting in early November around ETH ~$3,400, the strategy is also stated as beginning in early November 2023, and management is described as maintaining a bullish long-term outlook despite current losses.
