An lesser-known offshore entity has become the largest new investor in BlackRock’s spot Bitcoin ETF fund — iShares Bitcoin Trust (IBIT), according to filings submitted to the U.S. Securities and Exchange Commission.
Hong Kong-based company Laurore Ltd. reported holding 8.79 million IBIT shares, valued at approximately $436 million as of the end of 2025, according to the Form 13F filed on January 28. With IBIT’s current price around $38, the value of the holdings is estimated to be about $334 million if the position remains unchanged, representing a roughly 24% decrease.
The filing does not provide details about the ultimate beneficial owner or the source of funds, only listing the reporting person as Zhang Hui. Analysts suggest that this structure may represent investors seeking exposure to Bitcoin through a regulated ETF channel, especially from regions with limited direct access to crypto.
This information drew attention after Jeff Park, CIO at ProCap Financial, stated that this entity appears to “only hold IBIT” rather than a diversified portfolio.
In related news, new data also shows that Abu Dhabi-linked funds held over $1 billion in IBIT by the end of the year, while Harvard Management Company maintained a position of about $266 million after reducing holdings in the quarter.
Additionally, a report from K33 notes that the current Bitcoin market structure resembles the late bear market phase of 2022; recovery in previous cycles often took months, and prices may remain sideways before forming a sustainable upward trend.
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