Hong Kong-based investment firm Trend Research, a subsidiary of LD Capital, has executed a significant $20 million Ethereum (ETH) purchase, adding to its massive long-term accumulation strategy. The firm acquired 6,656 ETH on the Binance spot market on March 15, 2025, using 20 million USDT borrowed for the transaction. Following the purchase, Trend Research deposited the newly acquired Ethereum into the Aave V3 decentralized lending protocol.
This latest acquisition brings Trend Research's total Ethereum holdings to 651,310 ETH, valued at approximately $1.91 billion. The firm has been systematically accumulating ETH since November 2023, employing a strategy of borrowing stablecoins to finance purchases, thereby creating leveraged long positions. Trend Research founder Jack Yi has publicly stated the company remains bullish on Ethereum and intends to continue buying until the next bull market arrives.
In a parallel development, BitMine Immersion Technologies announced the purchase of an additional 35,268 ETH over the past week, raising its total holdings to a staggering 4,203,036 ETH, worth $12.73 billion. According to BitMine Chairman Thomas Lee, the company stakes more ETH than any other entity globally, generating an estimated $374 million in annual staking rewards. BitMine also holds 192 BTC, valued at approximately $17.39 million.
The scale of these holdings is substantial. Trend Research's stash represents roughly 0.54% of Ethereum's total circulating supply, while BitMine's holdings are significantly larger. These movements are closely watched as indicators of "smart money" sentiment, with large-scale withdrawals from exchanges reducing readily available sell-side liquidity and contributing to potential supply shock dynamics.
Institutional demand extends beyond direct corporate purchases. U.S.-listed spot Ethereum ETFs have accumulated $479.04 million in ETH over the past five days and now hold a collective $20.43 billion in Ethereum, representing approximately 5.14% of the cryptocurrency's total market capitalization. The strategic use of DeFi protocols like Aave by institutions such as Trend Research validates the decentralized finance sector as a financial utility and demonstrates a maturation in institutional crypto asset management, blending traditional venture capital tactics with Web3 tools.
