On December 24, 2025, Trend Research—a secondary investment firm under Chinese billionaire Yi Lihua—continued its aggressive Ethereum accumulation, adding 46,379 ETH worth approximately $137 million through leveraged borrowing. This latest purchase brings Trend Research’s total holdings to around 580,000 ETH (valued at ~$1.72 billion), surpassing The Ether Machine (ETHM) and positioning it as the third-largest publicly disclosed corporate Ethereum treasury. According to data from strategicethreserve, the top rankings now stand as:
- Bitmine Immersion Tech (BMNR): 4.07 million ETH (~$11.97 billion).
- SharpLink Gaming (SBET): 863,020 ETH (~$2.54 billion).
- Trend Research: 580,000 ETH (~$1.72 billion).
- The Ether Machine (ETHM): 496,710 ETH (~$1.46 billion).
Yi Lihua publicly declared: “Now is the best buying zone for ETH. Trend Research will prepare another $1 billion to continue adding.”
Trend Research’s Ethereum Accumulation Strategy
Trend Research began bottom-fishing ETH in early November 2025 when prices hovered around $3,400. Over the following weeks:
- Total Purchased: ~580,000 ETH.
- Average Cost: ~$3,208 per ETH.
- Current Unrealized Loss: ~$141 million (at ~$2,950–$3,000 spot).
- Funding Method: Leveraged loans for amplified exposure.
Despite paper losses, the firm views the dip as an accumulation opportunity, committing an additional $1 billion for future buys.
Top Corporate Ethereum Treasuries – December 2025 Rankings
Publicly disclosed corporate ETH holdings (per strategicethreserve):
| Rank |
Entity |
ETH Holdings |
Value (USD) |
| 1 |
Bitmine Immersion Tech |
4.07M |
~$11.97B |
| 2 |
SharpLink Gaming |
863K |
~$2.54B |
| 3 |
Trend Research |
~580K |
~$1.72B |
| 4 |
The Ether Machine |
497K |
~$1.46B |
This concentration mirrors Bitcoin treasury trends but highlights growing corporate diversification into ETH.
Yi Lihua’s Bullish Stance and Market Implications
Yi Lihua’s aggressive positioning and $1 billion war chest signal strong conviction in Ethereum’s long-term value—potentially as a treasury asset, DeFi backbone, or layer-2 scaling beneficiary. Trend Research’s rapid climb to third place underscores institutional comfort with ETH despite short-term volatility.
- Strategic Angle: Leveraged buys amplify upside in anticipated recovery.
- Market Signal: High-profile accumulation could encourage copycat treasuries.
- Risk Context: Unrealized losses highlight volatility in leveraged corporate plays.
Broader Trend: Corporate Ethereum Treasuries in 2025
While Bitcoin dominates corporate holdings (MicroStrategy model), Ethereum treasuries are gaining traction:
- Diversification: ETH seen as complementary for staking yields and ecosystem exposure.
- Institutional Drivers: Spot ETF approvals, layer-2 growth, RWA integration.
- Global Participants: Mix of U.S. listed firms and international entities like Trend Research.
Bitmine remains the undisputed leader, but rapid movers like Trend Research show the space is dynamic.
In summary, Trend Research’s December 24, 2025, addition of 46,379 ETH—pushing holdings past The Ether Machine to third place with ~580,000 ETH—reflects bold conviction amid Yi Lihua’s $1 billion follow-on commitment. As corporate Ethereum treasuries grow behind leaders like Bitmine and SharpLink, this accumulation highlights diversification beyond Bitcoin in institutional portfolios. Monitor treasury trackers and on-chain flows for updates in this evolving corporate crypto trend.
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