Trend Research is growing an Ethereum treasury that has secretly invested billions in the second-largest cryptocurrency to date. After the private company’s project was exposed, its founder warned speculators against ETH shorts.
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Trend Research: How the ETH Treasury Secretly Invests Billions
Since October, the company Trend Research has been secretly accumulating Ethereum – this was uncovered by blockchain analyst EmberCN, who recently announced his discovery via X. Since then, the Hong Kong-based trading company has become one of the largest ETH investors on earth.
To date, Trend Research has collected 584,000 Ether – at the time of going to press, they correspond to a market value of 1.7 billion US dollars. Compared to 27 publicly traded companies that are placed in a ranking by CoinGecko, this puts it in third place in terms of Ethereum assets.
The special thing: Because Trend Research is a private company, it does not appear in the ranking at all. CoinGecko only lists publicly traded companies. The largest investor is the US-American Bitcoin miner BitMine Immersion with assets of more than four million ETH.
According to EmberCN, the capital used for this comes from external sources and is invested by Trend Research in the long term in order to profit from Ethereum’s price gains.
“They use borrowed capital to buy this ETH. For example, they borrowed a total of 887 million USDT from Aave,” the analyst wrote.
The Chinese entrepreneur Jack Yi is considered responsible. He is the founder of the venture capital firm Liquid Capital, which was founded in 2016. The company finances promising young companies in the blockchain industry.

Jack Yi warns: Better not short Ethereum
Jack Yi himself also reacted to the findings of blockchain analyst EmberCN. He commented on his post and added further information. He warns speculators against shorting Ethereum.
Yi wants to say that Trend Research is only just beginning with its Ethereum purchases. At the same time, he implies that the investments are so high that the ETH price will rise significantly.
“I am announcing that Trend Research is providing another billion for the purchase of Ethereum,” the Chinese wrote.
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At the time of going to press, ETH is trading below a significant threshold of $3,000. The cryptocurrency is trading at just $2,929. Yi therefore sees great potential in ETH.
“We remain true to our words and deeds and clearly advise against short selling. This is undoubtedly a historic opportunity,” he continued in his comment.
Based on the current market value, this billion would buy another 341,000 Ether. Trend Research would then have total assets of 925,000 ETH. In this case, the company would overtake the second-largest, publicly known Ethereum treasury called SharpLink.
Because private companies do not have to disclose their investments publicly, they can secretly acquire cryptocurrencies. Druk Holdings, Bhutan’s state-owned investment company, secretly invested in Bitcoin over four years – from 2019 to 2023. Only then was the investment exposed.


