ETH Treasury Expands to $1.8B Using USDT Loans for 2026 Bull Run

Trend Research builds $1.83B ETH treasury using $958M in USDT loans, positioning early for Ethereum’s expected 2026 bull run.

Hong Kong-based investment firm Trend Research holds one of the largest institutional Ethereum treasuries, valued at about $1.83 billion

The firm has been acquiring ETH through aggressive use of USDT loans in anticipation of a bullish market structure in 2026, particularly in the first quarter, according to its founder Jack Yi.

Trend Research Leverages USDT to Buy ETH

Trend Research accumulated 601,074 ETH, funding most of the purchases through borrowing

According to blockchain analytics platform Lookonchain, the company borrowed approximately $958 million in USDT from the Aave protocol.

Trend Research(@Trend_Research_) keeps borrowing $USDT to buy $ETH.

Trend Research currently holds 601,074 $ETH($1.83B) and has borrowed a total of $958M in stablecoins from #Aave.

Based on the on-chain $ETH withdrawal prices from #Binance, the average purchase price is… pic.twitter.com/MLNVeN8r2l

— Lookonchain (@lookonchain) December 29, 2025

The firm then used centralized exchanges (CEXs) to convert the stablecoins into ETH. Based on transaction data, the average price of the purchases was around $3,265 per ETH.

This strategy allowed the company to build large positions without immediately liquidating other assets.

Jack Yi, the founder of Trend Research, confirmed the strategy, saying the goal is not to time market bottoms but to position early for a structural shift in market trends expected in 2026.

He said, “It’s hard to concentrate large positions at the absolute lowest point, so we’re not worried about fluctuations of a few hundred dollars.”

Derivatives Data Supports Bullish Outlook

Yi also pointed to the derivatives market as a factor in their bullish stance. He noted that open interest in ETH futures has reached new highs, reflecting increased institutional participation and expectations of higher prices.

This activity aligns with broader on-chain data that shows rising interest in long-term ETH holdings.

While volatility is still present, increased futures activity is seen as a signal that investors are preparing for possible upward moves.

In addition to its spot ETH purchases, Trend Research has maintained its pace of buying during dips, especially during periods of low market sentiment.

The company sees current price levels as an opportunity to accumulate ahead of major network upgrades expected in 2026.

BitMine Stakes $1B in ETH, Network Upgrade Ahead

Trend Research is not alone. Another firm, BitMine, has also been expanding its ETH holdings and has recently deposited $1 billion worth of ETH into Ethereum’s Proof-of-Stake mechanism to earn rewards through staking.

🚨BREAKING: BitMine staked another $780M in ETH today, taking total Ethereum staked to over $1 BILLION in just 48 hours, locking up 342,560 ETH. pic.twitter.com/V8WX8j2une

— Coin Bureau (@coinbureau) December 29, 2025

This activity reflects a wider trend of ETH treasury managers using both long-term holding and staking to generate yield while preparing for future price movements.

Staked ETH also contributes to network security, which becomes more important as Ethereum undergoes major changes.

The Ethereum network is expected to launch the Glamsterdam upgrade in the first half of 2026.

The upgrade is designed to improve fairness in MEV (Maximal Extractable Value) by separating the roles of proposers and builders.

This could affect how large holders participate in the protocol moving forward.