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Institutional ETH Holdings Grow: BitMine, Trend Research Lead Accumulation Trend
Ethereum Treasury Race Heats Up – The race to accumulate Ethereum (ETH) is intensifying, with both private and publicly listed players making aggressive balance-sheet moves despite fragile market sentiment. This week, Trend Research emerged as a major force in the corporate Ether landscape, drawing fresh attention to the growing concentration of ETH among a small group of institutions.
Trend Research Quietly Builds a Massive ETH Position
On Wednesday, Trend Research purchased 46,379 ETH, lifting its total holdings to approximately 580,000 Ether. This puts the firm ahead of most public Ethereum treasuries tracked by CoinGecko, despite the fact that Trend Research is not a publicly listed company and therefore does not appear in standard rankings.
Only two listed firms currently report larger ETH balances: SharpLink Gaming, with 859,853 ETH, and BitMine Immersion Technologies, which disclosed a staggering 4,066,062 ETH on its balance sheet.
Trend Research is a secondary investment institution associated with Jack Yi, founder of LD Capital. Blockchain data shows Yi has been behind a series of large Ether purchases since October. In a translated post on X, Yi suggested the firm is preparing an additional $1 billion to continue buying ETH, while cautioning traders against short positions.
Strategic Accumulation, Not Retail “Dip Buying”
According to Lacie Zhang, research analyst at Bitget Wallet, corporate ETH accumulation differs fundamentally from retail behavior. Speaking to Cointelegraph, Zhang said companies often buy Ether during downturns to convert idle treasuries into “productive, yield-bearing infrastructure.” She added that such moves are frequently a strategic play for network influence, rather than short-term speculation.
BitMine Targets 5% of ETH Supply
The accumulation trend gained further momentum after BitMine announced it now holds more than 4 million ETH, representing over 3.3% of Ethereum’s circulating supply. The company has set an ambitious target of controlling 5% of total ETH supply, planning to stake a significant portion through its “Made in America Validator Network” to generate long-term yield.
Zhang described BitMine’s staking strategy as a key motivator, noting that large-scale validation rewards could help lower its average cost base over time.
Not Everyone Is Buying
While some firms are doubling down, others are trimming exposure. ETHZilla recently sold 24,291 ETH for about $74.5 million to redeem debt, while FG Nexus has been liquidating Ether to fund share buybacks. Zhang characterized these moves as balance-sheet management, calling them a “transfer of wealth” toward more aggressively positioned ETH buyers.
As institutional strategies diverge, Ether ownership is becoming increasingly concentrated among a select group betting on Ethereum’s long-term infrastructure role.
