The private investment firm purchased 46,379 Ethereum (ETH) on Wednesday, lifting its total holdings to around 580,000 ETH and pushing it into the top tier of institutional Ethereum holders.
Only two publicly listed companies currently disclose larger ETH balances. SharpLink Gaming reports 859,853 ETH, while BitMine Immersion Technologies leads the field with 4,066,062 ETH. That puts Trend Research among the largest known Ethereum holders, despite flying under the radar in most public treasury rankings.
Trend Research operates as a secondary investment institution linked to LD Capital founder Jack Yi, who has overseen a string of large Ethereum purchases since October, according to blockchain data. In a Thursday post on X, Yi said the firm is preparing another $1 billion to continue buying ETH, urging traders not to short the asset.
According to Lacie Zhang, research analyst at Bitget Wallet, corporate buyers often accumulate Ethereum during market downturns to convert idle treasuries into productive, yield-generating infrastructure. Unlike retail investors, institutional accumulation is typically a long-term strategic move, aimed at influence within the network rather than short-term price speculation.
That strategy is playing out aggressively at BitMine. On Tuesday, the company announced it had surpassed 4 million ETH on its balance sheet, accounting for more than 3.3% of Ethereum’s circulating supply. BitMine has set its sights even higher, targeting 5% of total supply over time.
To support that goal, BitMine plans to stake a significant portion of its ETH through its Made in America Validator Network. Zhang noted that staking economics are a major driver of institutional demand, and a 5% supply target would position BitMine to exert meaningful influence over Ethereum’s proof-of-stake consensus while earning steady validation rewards.
Not all corporate treasuries, however, are moving in the same direction.
ETHZilla disclosed that it sold 24,291 ETH for approximately $74.5 million to redeem senior secured convertible notes, cutting its holdings to about 69,800 ETH.
Meanwhile, FG Nexus, a U.S.-listed holding company focused on specialty finance and insurance, has been liquidating Ethereum to fund an aggressive share buyback program. Zhang described the move as a balance sheet optimization strategy, noting that companies often sell crypto when their stock trades at a discount to the value of their digital asset holdings.
The takeaway is clear: while some firms are cashing out, deep-pocketed institutions are doubling down on Ethereum, signaling that control, yield, and network positioning matter just as much as price.
