Trend Research has added nearly 10,000 Ethereum to its holdings after borrowing funds from decentralized finance platforms. On-chain data shows the firm borrowed $30 million in USDT from Aave and used it to buy 9,939 ETH. The purchased Ethereum was then deposited back into Aave as collateral, allowing Trend Research to borrow even more funds.
Following the transaction, the firm’s total Ethereum holdings climbed to about 636,819 ETH, valued at close to $2 billion. Over the past month, Trend Research has been steadily increasing its exposure, placing it among the largest known private holders of Ethereum worldwide.
The firm is linked to LD Capital founder Jack Yi, who has publicly said he remains bullish on crypto into the first half of 2026. Trend Research has already borrowed nearly $1 billion in stablecoins across multiple deals to fund its ETH strategy. This approach highlights a growing trend of firms using DeFi tools to build long-term crypto reserves, even during uncertain market conditions.
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