A mysterious Hong Kong-linked buyer has broken a week-long silence after igniting a social media frenzy with a blockbuster $436 million stake in BlackRock’s iShares Bitcoin Trust (IBIT).
What happened
– A shell company called Laurore Ltd. filed a 13F disclosure showing roughly $436 million of IBIT shares — its first and only filing — and gave a Hong Kong address and phone number in the U.S. Securities and Exchange Commission (SEC) submission.
– The filing named “Zhang Hui” as a director. That name is extremely common in Greater China (ProCap CIO Jeff Park compared it to “John Smith”), and CoinDesk found more than 100 Zhang Huis listed as company directors in the Hong Kong registry.
Why it blew up
– Traders and analysts seized on the possibility that significant Chinese capital could be flowing into U.S.-listed spot bitcoin ETFs. “Smells like capital flight to me,” Park wrote. Bloomberg ETF analyst James Seyffart also admitted he “got absolutely nowhere” trying to trace the owner.
– CoinDesk investigators visited the listed Hong Kong address and found a different company — Avecamour Advice Ltd — occupying the suite. Laurore itself is not incorporated in Hong Kong.
New disclosures and loose ends
– After days without comment, Laurore’s spokesperson told CoinDesk the owner prefers to “keep a low profile” and described the stake as “a reflection of their personal investment conviction,” but declined to identify the person or provide further details.
– Corporate records show Avecamour Advice is wholly owned by Avecamour Ltd., a British Virgin Islands entity. Hong Kong registry records list a Zhang Hui (with a mainland China passport prefix) as the sole director of Avecamour Advice, which was incorporated in March 2025.
– Laurore’s spokesperson said the owner of Laurore is also a director of Avecamour — suggesting the mysterious Zhang Hui could be the principal — but again declined to offer proof or additional information.
What this might mean
– If this is genuine “capital flight,” the filing could reflect mainland money moving offshore — via Hong Kong — into U.S.-listed bitcoin ETFs to diversify wealth outside domestic capital controls.
– Alternatively, Laurore may simply be one vehicle among several in a cluster of private funds or family-office structures that prefer U.S. IBIT for its deeper liquidity and lower fees compared with Hong Kong-listed bitcoin ETFs. Large investors commonly use multiple legal entities for custody, tax and privacy reasons, and 13F filings name reporting managers, not ultimate beneficial owners.
Bottom line
The $436 million IBIT position has exposed a knot of offshore entities and a common name, but it has not produced a clear beneficiary. Laurore’s and Avecamour’s links raise more questions than answers — leaving the true owner of the stake as opaque as the identity of bitcoin’s Satoshi Nakamoto.
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