Trend Research Ether holdings liquidation and loan repayment

Trend Research dramatically reduced its Ether holdings, falling from about 651,170 ETH on Sunday to roughly 247,080 ETH by Friday — a decline of more than 404,000 ETH in less than a week — and moved large amounts of ETH to exchanges to repay loans. Onchain data show it transferred over 400,000 ETH mainly to Binance, and Ether’s price slid nearly 30% over the week to a low near $1,748 before partially recovering to around $1,967.

Trend Research Ether Holdings Liquidation and Loan Repayment: Positions of Major Holders

Trend Research, a significant player in the Ethereum market, witnessed a dramatic reduction in its Ether holdings and encountered substantial losses. The firm initially held approximately 651,170 Ether and had to reduce this to about 247,080 Ether within a week, primarily to address its obligations from borrowing stablecoins, leading to a $686 million loss. This action follows the firm’s role in the $19 billion liquidation cascade in October 2025. Liquidation prices for Trend Research’s remaining 356,150 Ether range from $1,562 to $1,698.

Alongside Trend Research, other major holders like Joseph Lubin and two unidentified whales collectively maintain 293,302 Ether, valued at approximately $553 million. Their holdings face liquidation thresholds between $1,329 and $1,368. Additionally, BitMine Immersion Technologies holds about 4.28 million Ether, with more than $7 billion in paper losses as the price approached $2,100. This company shifted to an Ethereum-first treasury model, aiming to increase its holding to 5% of Ethereum’s supply. Together, these positions illustrate the challenges faced by large Ether holders amid volatile market conditions.

Trend Research Ether holdings liquidation and loan repayment — BitMine Immersion Technologies holdings and plans. BitMine Immersion Technologies holds about 4.28 million ETH and recorded more than $7 billion in paper losses after Ether fell near $2,100. The firm shifted in 2025 to an Ethereum-first treasury model and purchased ETH at an estimated average price of $3,800–$3,900. BitMine holds about 3.55% of Ethereum’s supply and is targeting 5%.

BitMine has nearly $6.7 billion worth of ETH staked. The company plans the Made in America Validator Network for 2026. Reports cite the paper losses and the shift to an Ethereum-first treasury model alongside the price decline toward $2,100. The estimated average purchase price, staking figure, and supply targets are reported in these disclosures.

Trend Research Ether holdings liquidation and loan repayment

Trend Research Ether holdings liquidation and loan repayment — historical context.

Trend Research drew attention after the October 2025 $19 billion crypto liquidation cascade. The firm built a bullish long position worth $2 billion on Ether by borrowing stablecoins from Aave collateralized by ETH. That position left the firm with a $686 million loss, per Arkham. Trend Research remained publicly reported to believe in Ether’s long-term potential and expected a quick rebound from the October drop below $4,000.

The reporting carries an analytical and cautionary tone on the risks of leveraged crypto treasury strategies and recent losses. The summary closes with an emphasis on those risks and recent losses.