Mystery Hong Kong investor builds major IBIT position
A little-known Hong Kong company became the largest new holder of BlackRock’s iShares Bitcoin Trust (IBIT) in the fourth quarter of 2025, building a position valued at $436 million.
According to recently filed documents, the largest new investor in the iShares Bitcoin Trust ETF was Laurore Ltd, a firm about which virtually nothing is publicly known. The filing lists Zhang Hui as the reporting person and identifies Hong Kong as the company’s base of operations.
Laurore appears to have minimal public presence. Jeff Park, Chief Investment Officer at ProCap Financial, suggested that the firm seemingly holds “only IBIT” and that the structure could represent investors seeking Bitcoin exposure through regulated ETF markets — potentially including capital from jurisdictions where direct access to cryptocurrencies is restricted. However, the filing does not disclose beneficial owners or the source of capital.
Who are the mysterious IBIT holders?
The Hong Kong-based company disclosed ownership of 8.79 million IBIT shares, valued at approximately $436 million as of December 31, 2025, according to a Form 13F filed with the U.S. Securities and Exchange Commission on January 28. The position makes Laurore the largest new IBIT holder reported for the fourth quarter, although the information only began circulating widely among market analysts this week.
With IBIT currently trading at $38, according to The Block data, the position would now be worth roughly $334 million — implying a decline of about 24% from its quarter-end valuation, assuming the firm still holds the entire stake. The filing reflects assets as of the end of the quarter but does not disclose when the shares were acquired or whether any have been sold since.
As we wrote, U.S. spot Bitcoin ETFs record $104.9M in net outflows as volume plunges
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