According to on-chain analytics, Trend Research, the Eligma subsidiary, expanded its ETH exposure by borrowing to acquire 46,379 additional ETH, valued at about $137 million as of December 24. The maneuver relies on borrowed liquidity via Aave, with total USDT debt around $887 million and roughly 2x leverage, signaling a continued leverage-driven accumulation stance.

Since early November, when ETH traded near $3,400, Trend Research has accumulated about 580,000 ETH, representing a market value near $1.72 billion. The blended entry price hovers around $3,208 per ETH, and the position carries an unrealized loss of approximately $141 million at current pricing.