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Anonymous Hong Kong investor in BlackRock’s bitcoin ETF speaks out following $436 million stake that has generated debate.
A representative for Laurore stated that the $436 million stake in IBIT “demonstrates personal investment conviction,” as documentation associates it with an individual holding a mainland China passport.
What to know:
• Laurore Ltd., a relatively obscure entity, revealed a position of approximately $436 million in BlackRock’s iShares Bitcoin Trust (IBIT), sparking speculation regarding the identity of a new bitcoin ETF holder.
• Filings from the Hong Kong registry indicate that the IBIT stake is associated with director Zhang Hui, a passport holder from Mainland China who also serves as the sole director of Avecamour Advice Limited, a Hong Kong firm owned by an entity from the British Virgin Islands.
• A representative mentioned that the ultimate beneficial owner “prefers to maintain a low profile” and that the position “demonstrates personal investment conviction,” opting not to provide additional ownership specifics.
Upon the filing by Laurore Ltd. of a position of around $436 million in BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund — its inaugural and sole filing — which included a Hong Kong address and contact number, the crypto community took notice, leading to a flurry of activity on social media.
Adding to the intrigue, the filing identified “Zhang Hui” as a director, a name as prevalent in China as “John Smith” is in Western countries, as noted in a post by ProCap’s CIO, Jeff Park.
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In fact, CoinDesk discovered over 100 individuals named Zhang Hui listed as directors of various firms within the Hong Kong Company Registry.
(Hong Kong Company Registry)
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This triggered a week of speculation regarding the potential influx of Chinese capital into the cryptocurrency market via spot bitcoin exchange-traded funds.
"Smells like capital flight to me," Park remarked in his post. Even analysts from Bloomberg’s ETF division contributed their thoughts, with James Seyffart commenting on the post, "I spent almost an hour trying to figure this out earlier this morning, and I got absolutely nowhere."
The mystery intensified when CoinDesk visited the Hong Kong address specified in Laurore’s SEC filing.
The building directory indicated that the suite was occupied by Avecamour Advice Ltd and not Laurore. Additionally, Laurore, which holds the IBIT shares, is not registered in Hong Kong.
(Sam Reynolds/CoinDesk)
After CoinDesk’s efforts to reach someone at Laurore for comments, the company has finally addressed the situation. A spokesperson conveyed that the owner of Laurore prefers to maintain a low profile, without disclosing further specifics.
Nonetheless, numerous questions remain unanswered.
Who is Avecamour, and what is the relationship between the two firms? Additionally, how does the enigmatic “Zhang Hui” fit into the scenario?
‘Private businesses’
CoinDesk examined corporate filings, revealing that Avecamour Advice is entirely owned by Avecamour Ltd., a British Virgin Islands entity.
Records from the Hong Kong Company Registry indicate that Zhang Hui, holding a matching passport prefix from mainland China, is also the sole director for Avecamour Advice, which was established in March 2025. No further public information about Avecamour or its stakeholders could be located.
