Mystery Hong Kong firm emerges as largest new IBIT holder after building $436 million stake in late 2025

Laurore Ltd., an obscure offshore entity based in Hong Kong, was revealed as the largest new holder of BlackRock's iShares Bitcoin Trust ETF (IBIT) through a Form 13F filing submitted on January 28. The filing disclosed ownership of 8.79 million IBIT shares, valued at approximately $436 million as of December 31, 2025, although this filing only recently gained widespread attention. The firm's reporting filer is listed as Zhang Hui, and it appears to hold "nothing but IBIT," leading analysts like Jeff Park to suggest it functions as a vehicle for investors seeking regulated bitcoin exposure, potentially from restricted jurisdictions. This disclosure occurs while institutional ownership of bitcoin ETFs fluctuates amid broader crypto market weakness, with other filings showing Abu Dhabi-linked funds holding over $1 billion in IBIT at year-end.

(Source：The Block)