According to its official disclosure, Trend Research, led by Li Yi Hua, has accumulated 645,000 Ethereum valued at $2.1 billion, primarily acquired in early November 2024. The average buying price was $3,299.43, resulting in an unrealized loss of $242 million based on current market values. Over 88% of the holdings were acquired in November and stored across at least seven blockchain addresses. The company previously borrowed $20 million via Aave to fund ETH purchases and announced plans to invest an additional $1 billion to continue accumulation. In an official Dec. 29 statement, Liquid Capital founder Yi Lihua said $1 billion will be used to buy ETH on dips, cited expectations of a 2026 bull market, urged against short positions, and reiterated his Dec. 24 announcement of Trend Research’s plan to allocate an additional $1 billion to ETH purchases.