- Trend Research has increased its Ether holdings above 601,000 ETH using borrowed stablecoins
- The firm is now the third-largest corporate holder of Ether, despite not being publicly listed
- Fundstrat expects Ether to fall to $1,800 in Q1 2026
As 2026 approaches, Ether is becoming a clear dividing line among large crypto-focused firms.
Some companies are taking on meaningful risk, while others are positioning defensively for a potential recession in the coming months.
On-chain data and market positioning show that corporate strategies around Ether are no longer uniform, reflecting differing expectations for price behavior, liquidity conditions, and the pace of crypto adoption within finance.
Trend Research pushes forward
Trend Research, a Hong Kong investment firm, has continued to accumulate Ether even as discussion about increased downside risk mounted in early 2026.
On-chain data shared by Lookonchain shows the firm recently bought roughly $35 million worth of ETH, bringing its total holdings above 601,000 ETH.
That position is worth about $1.83 billion.
The same data indicates Trend Research borrowed approximately $958 million in stablecoins from the decentralized lending protocol Aave to finance purchases.
The average purchase price was $3,265 per ETH, according to details published by Lookonchain in a post on X.
Founder Jack Yi’s posts indicate Trend Research plans to keep buying Ether regardless of short-term price moves of a few hundred dollars.
Beyond ETH, the firm also maintains a heavy position in World Liberty Financial tokens tied to the Trump family, underscoring a broadly confident crypto stance heading into the new year.
Corporate holder rankings shift
With more than 601,000 ETH, Trend Research now ranks as the third-largest corporate holder of Ether.
It trails BitMine Immersion Technologies and SharpLink Gaming.
Because Trend Research is not publicly listed, it does not appear on many widely used tracking platforms, including StrategicEthReserve.
BitMine, the largest known corporate Ether holder, historically favored dollar-cost averaging rather than large one-time accumulations.
The contrast highlights how different balance-sheeted firms are adopting divergent approaches as uncertainty builds for the next market cycle.
Fundstrat flags downside risk
While some firms keep accumulating, others are preparing for potential losses.
Fundstrat Global Advisors recently circulated an internal research note forecasting Ether could decline to a local low near $1,800 in Q1 2026.
A screenshot of the note surfaced on December 21 and is attributed to Tom Lee, Fundstrat’s co-founder and managing partner.
The analysis points to a meaningful pullback in major crypto assets in the first half of 2026, followed by the formation of a durable bottom in either Q1 or Q3 before a recovery toward year-end.
The forecast draws extra attention because Lee is also chairman of BitMine, which holds about $12.3 billion worth of Ether, making it the largest known corporate ETH holder.
Smart money remains cautious
Positioning data suggests professional traders are leaning defensive as well.
According to intelligence platform Nansen, entities identified as smart money are net short or underweight Ether by roughly $117 million.
Nansen data also shows those traders added approximately $15 million in long exposure over the past 24 hours.
The move signals a slight increase in risk tolerance, though overall positions still reflect caution about near-term price direction.