Trend Research, an investment entity linked to LD Capital founder Jack Yi (also known as Eric Li), has sharply increased its exposure to Ethereum, lifting total holdings above the $2 billion mark as of January 20, 2026.
The accumulation took place during a broader market pullback, with Ethereum trading near the $3,000 psychological support level, creating conditions the firm appears to have viewed as strategically attractive.
Aggressive Accumulation Near Key Price Levels
During the downturn, Trend Research accumulated more than 650,000 ETH, building a position that now totals approximately 651,300 ETH.
Trend Research has bought 9,939 $ETH worth $30.85M from #Binance and supplied it into #Aave V3 and borrowed $20M $USDT to buy more $ETH.
They now hold 636,815 $ETH, valued at $1.98Bhttps://t.co/xvp499tawt pic.twitter.com/AM8HL1CiW0
— Onchain Lens (@OnchainLens) January 20, 2026
Depending on short-term price movements, the value of those holdings is estimated between $1.92 billion and $2.08 billion. The scale of the purchase places the firm among the most significant private holders of Ethereum globally, despite not being publicly listed.
Cost Basis and Position Construction
The firm’s estimated average entry price is reported in a range between $3,105 and $3,186 per ETH, suggesting that the bulk of accumulation occurred close to recent market lows rather than during earlier rallies. This positioning indicates a deliberate effort to size into weakness rather than chase momentum, with price sensitivity playing a central role in execution.
Leverage Anchored by Onchain Lending
A notable feature of the strategy is its use of leverage. Roughly $958 million of the position is supported by stablecoin loans sourced from the decentralized lending protocol Aave. This structure allowed Trend Research to amplify exposure without liquidating existing holdings, tying the position closely to onchain liquidity conditions and collateral management rather than traditional financing channels.
Standing Among Institutional Holders
Based on disclosed figures, Trend Research is currently regarded as the third-largest institutional holder of Ethereum among known entities, trailing only public companies such as BitMine Immersion Technologies and Sharplink Gaming. While the firm operates outside public markets, the size and construction of its ETH treasury place it firmly within the institutional category rather than speculative trading activity.
Overall, the move reflects a high-conviction approach centered on Ethereum’s role as a core digital asset. By combining large-scale spot accumulation with decentralized leverage, Trend Research has positioned itself as one of the most influential private participants in the Ethereum market as 2026 unfolds.
