• Trend Research has lifted its Ether holdings above 601,000 ETH using borrowed stablecoins.
• The firm is now the third largest corporate Ether holder despite being unlisted.
• Fundstrat expects Ether to fall toward $1,800 in the first quarter of 2026.

As 2026 approaches, Ether is becoming a clear dividing line for large crypto focused firms.

Some companies are increasing exposure aggressively, while others are preparing for a potential downturn in the months ahead.

Recent on chain data and market positioning show that corporate strategies around Ether are no longer aligned, reflecting different expectations around price behaviour, liquidity conditions, and the pace of crypto adoption within the financial system.

Trend Research pushes ahead

Hong Kong based investment firm Trend Research has continued to accumulate Ether despite growing discussion of downside risks in early 2026.

Blockchain data shared by Lookonchain shows the firm recently acquired about $35 million worth of ETH, lifting its total holdings above 601,000 ETH.

At current prices, the position is valued at roughly $1.83 billion.

The same data indicates that Trend Research has borrowed around $958 million in stablecoins from the decentralised lending protocol Aave.

Its average purchase price stands near $3,265 per ETH. Lookonchain published these details in a Monday post on X.

According to a post by founder Jack Yi, Trend Research plans to keep buying Ether regardless of short term price moves of a few hundred dollars.

Alongside ETH, the firm also maintains a heavy position in the Trump family linked World Liberty Financial token, underlining a broader high conviction crypto stance going into next year.

Corporate holder rankings shift

With more than 601,000 ETH, Trend Research now ranks as the third largest corporate Ether holder.

It sits behind BitMine Immersion Technologies and SharpLink Gaming.

However, because Trend Research is not publicly listed, it does not appear on several widely followed tracking platforms, including the StrategicEthReserve.

BitMine, the largest corporate Ether holder, has historically relied on a dollar cost averaging strategy rather than large single phase accumulation.

The contrast highlights how firms with significant balance sheets are adopting different approaches as uncertainty builds around the next market cycle.

Fundstrat flags downside risk

While some firms continue to accumulate, others are bracing for a possible drawdown.

Fundstrat Global Advisors recently circulated an internal research note projecting that Ether could fall to a local bottom around $1,800 in the first quarter of 2026.

Screenshots of the note emerged on Dec. 21 and were attributed to Fundstrat co-founder and managing partner Tom Lee.

The analysis pointed to a meaningful pullback across major crypto assets in the first half of 2026, followed by the formation of a durable low either in the first or third quarter before a recovery into year-end.

The forecast drew attention because Lee is also chairman of BitMine, which holds roughly $12.3 billion worth of Ether, making it the largest known corporate ETH holder.

Smart money stays cautious

Positioning data suggests that professional traders are also leaning defensive.

According to blockchain intelligence platform Nansen, traders labelled as smart money remain net short on Ether by about $117 million.

At the same time, Nansen data shows these traders added around $15 million in long positions over the past 24 hours.

The move points to a modest pickup in risk appetite, even as overall positioning continues to reflect caution around near term price direction.

The post Why major crypto firms are diverging on Ether ahead of 2026 appeared first on CoinJournal.

• The strategy focuses on a major protocol upgrade, real-world asset lending, and mobile adoption.
• Aave V4 aims to unify cross-chain liquidity and simplify development.
• Horizon targets faster growth in tokenised real-world asset markets through institutional partners.

Aave is setting out its next phase of expansion as regulatory uncertainty in the US eases for the decentralised finance protocol.

Founder and chief executive Stani Kulechov on Dec. 17 detailed what he described as a “2026 Master Plan”, one day after the US Securities and Exchange Commission formally dropped its long-running investigation into the platform.

The update comes after what Aave described as its strongest year so far, with 2025 marked by record net deposits and billions of dollars in activity processed across the protocol.

With the regulatory probe no longer hanging over the project, Aave’s leadership is now focusing on scaling its technology, widening its institutional footprint, and pushing further into consumer-facing products.

According to Kulechov’s post on X, Aave’s strategy for 2026 rests on three core priorities: a major protocol upgrade, the expansion of tokenised real-world asset markets, and broader user adoption through a mobile app.

Aave V4 upgrade

The first pillar of the roadmap is Aave V4, the next major iteration of the lending protocol.

The upgrade is designed to introduce cross-chain liquidity, a modular architecture, and deeper customisation for developers and partners.

Aave Labs, the core development team, had already published a V4 launch roadmap in September, outlining final testing and review phases.

A central feature is the Cross-Chain Liquidity Layer, which builds on earlier versions of the protocol to address fragmented liquidity across different blockchains.

Under the new design, liquidity pools are reorganised into capital hubs on each network, with specialised spokes layered on top to support tailored lending markets for specific asset types.

The structure is intended to support significantly larger volumes of capital while simplifying how new products are launched on Aave.

The upgrade also includes new cross-chain interfaces and a revamped developer experience, which Aave expects will make integrations easier for fintech firms, enterprises, and other large-scale users.

Horizon and institutional markets

The second focus area is Horizon, Aave’s decentralised lending market for tokenised real-world assets.

Horizon is positioned as a gateway for traditional financial institutions to access DeFi infrastructure while bringing off-chain assets on-chain.

Horizon launched on Aug. 27 and surpassed $50 million in deposits by September 1, with most of the early liquidity arriving in RLUSD and USDC. Since then, net deposits have grown to around $550 million.

Aave plans to accelerate Horizon’s growth in 2026, with a stated aim of pushing deposits beyond $1 billion.

The strategy involves expanding collaborations with established financial players including Circle, Ripple, Franklin Templeton, and VanEck.

Through these partnerships, Aave intends to onboard major global asset classes and expand its reach into a real-world asset market estimated at more than $500 trillion.

Aave App and user growth

The third pillar of the roadmap targets consumer adoption through the Aave App. Launched in mid-November, the app offers a banking-style savings experience designed to make decentralised lending more accessible to non-crypto-native users.

The app is currently available on the Apple App Store and is expected to see a broader rollout next year.

Aave is targeting a user base of one million as it seeks a foothold in the global mobile fintech market, which it estimates at about $2 trillion.

The push reflects Aave’s view that long-term scaling depends on product-level adoption, not just protocol-level liquidity.

The post Aave charts post-SEC expansion as DeFi lender sharpens growth strategy appeared first on CoinJournal.