Trend research reduces Ether holdings after market crash to pay off loans
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Crypto treasury Trend Research has significantly reduced its Ether position following the recent market downturn, with large amounts of ETH moving to the exchange as it works to service outstanding debt.
Key Takeaways:
Trend Research sold over 400,000 ETH and moved large holdings to exchanges to manage debt after the price drop.
Ether's nearly 30% weekly decline pushed the improved positions closer to liquid levels.
The decline is hitting other corporate ETH treasuries, highlighting the risks of concentrated crypto holdings.
According to blockchain data, the firm held 651,170 ether in the form of Aave-wrapped ETH on Sunday. As of Friday, the balance had fallen to 247,080 ETH, a drop of more than 404,000 tokens in less than a week.
Onchain analytics platform Arkham reports that 411,075 ETH have been transferred to Binance since the beginning of the month.
Ether drops about 30% in a week before partially recovering
The moves coincided with a nearly 30% drop in the price of Ether last week to a low of $1,748 before recovering to a low of $1,967.
Trend Research builds its position using a leveraged strategy. The company, which is linked to Liquid Capital founder Jack Yee, bought Ether and put it as collateral on the lending protocol Aave to borrow the stablecoin and then used the borrowed money to buy more ETH.
The falling market has put the position under pressure. According to Looonchain, the firm faces several possible liquidity levels between $1,698 and $1,562, which means that further price declines could trigger an automatic sale of securities on the lending platform.
Yi said in a post on X that the earlier rally in the market came too soon, but that he was optimistic and would continue to manage risk while waiting for a recovery.
Trend Research first drew attention to it after it began aggressively hoarding Ether in October 2025 after the $19 billion crypto liquidation crash.
Once in December, the company was not listed on most public corporate treasury trackers, but because it was privately held, the company was ranked among the top holders of ETH globally.
BitMine's $7B Paper Loss Tests Corporate Ethereum Treasury Strategy
BitMine Immersion Technologies, led by Fundstrat's Tom Lee, is under pressure after Ether's steep fall plunged the company into unprecedented bankruptcy.
With approximately 4.28 million ETH on its balance sheet, the company is sitting on a paper loss of over $7 billion after falling around $2,100.
The company has stockpiled its holdings at high valuations, making it one of the single wealthiest corporate bets in crypto.
The firm transitioned from Bitcoin mining to an “Ethereum-first” treasury model in 2025, buying ETH at an average price of $3,800–$3,900.
The market's decline has dragged down both the portfolio and the stock price, drawing comparisons to Michael Salor's bitcoin-heavy strategy, which is facing huge unanticipated losses.
Analysts say both companies highlight the risk of crypto-treasury strategies tied to volatile assets.
Despite the setback, Lee is confident. It argues that Ethereum's fundamentals are being strengthened by recording transaction activity and citing active addresses.
The company now holds 3.55% of Ethereum's supply and is targeting 5% while expanding stock operations.
About $6.7 billion worth of ETH has been capped, and the BitMine Made in America Validator Network plans to launch in 2026.
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