- Trend Research has increased its Ether holdings to over 601,000 ETH by using borrowed stablecoins.
- The firm is now the third-largest corporate holder of Ether despite being privately held.
- Fundstrat expects Ether could drop toward $1,800 in the first quarter of 2026.
As 2026 approaches, Ether has become a clear dividing line for large crypto-focused companies.
Some firms are aggressively increasing exposure, while others are preparing for a potential downturn in the months ahead.
On-chain data and market positioning show corporate strategies around Ether are diverging, reflecting different expectations about price behavior, liquidity conditions, and the pace of crypto adoption within the financial system.
Trend Research pushes forward
Hong Kong–based investment firm Trend Research has continued to accumulate Ether despite growing debate about downside risks early in 2026.
Blockchain data shared by Lookonchain show the firm recently purchased roughly $35 million worth of ETH, bringing its total holdings above 601,000 ETH.
At current market prices, that position is valued at approximately $1.83 billion.
The same data indicate Trend Research borrowed about $958 million in stablecoins from the decentralized lending protocol Aave to fund its purchases.
The average purchase price is roughly $3,265 per ETH. Lookonchain published these details in a Monday post.
According to a post from founder Jack Yi, Trend Research plans to continue buying Ether regardless of short-term price swings of a few hundred dollars.
Alongside ETH, the firm holds a substantial position in the World Liberty Financial token associated with the Trump family, underscoring a broader, high-conviction crypto stance going into next year.
Corporate holder rankings shift
With more than 601,000 ETH, Trend Research is now the third-largest corporate holder of Ether.
It trails BitMine Immersion Technologies and SharpLink Gaming.
Because Trend Research is privately held, it does not appear on several widely used tracking platforms that list public corporate holdings.
BitMine, the largest corporate Ether holder, has historically relied on a dollar-cost averaging strategy rather than a single large accumulation.
The contrast highlights how companies with significant balance sheets are taking different approaches as uncertainty builds around the next market cycle.
Fundstrat flags downside risk
While some firms keep accumulating, others are bracing for a potential decline.
Fundstrat Global Advisors recently circulated an internal research note estimating Ether could fall to a local bottom near $1,800 in the first quarter of 2026.
Screenshots of the note appeared on December 21 and were attributed to Fundstrat co-founder and managing partner Tom Lee.
The analysis suggested a significant pullback for major crypto assets in the first half of 2026, followed by the formation of a durable low either in the first or third quarter, and a recovery toward year-end.
The forecast garnered attention because Lee also serves as chairman of BitMine, which holds roughly $12.3 billion worth of Ether, making it the largest known corporate ETH holder.
Smart money turns cautious
Positioning data indicate professional traders are also tilting toward caution.
According to blockchain intelligence platform Nansen, traders labeled as smart money remain net short Ether by about $117 million.
At the same time, Nansen data show those traders added roughly $15 million to long positions over the past 24 hours.
The move signals a modest uptick in risk appetite, although the overall stance still reflects prudence regarding near-term price action.