DeutschIn the dry forms of the U.S. Securities and Exchange Commission, the so-called 13F filings, explosive details are sometimes hidden. They actually serve transparency: institutional investors must disclose which securities they hold. But what appeared there for the fourth quarter of 2025 has the crypto scene paying attention.
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At the center is a barely known company called Laurore Ltd. based in Hong Kong. No website, no media reports, no history. And yet, according to the filing, this company holds Bitcoin ETF shares worth around $436 million—exclusively in BlackRock’s iShares Bitcoin Trust, better known by the ticker IBIT.
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Bitwise advisor and ProCap manager Jeff Park put his followers on X onto this trail. He made public what can be read in the documents—and asked the crucial question: Who is behind Laurore Ltd.? A certain Zhang Hui is named as the responsible person for the filing. A name that, according to Park, is as common in China as “John Smith” in the African American community. Not proof in itself. But combined with the complete absence of further information, a picture emerges that fuels speculation.
Park suggests it could be a structure designed solely to channel capital into Bitcoin—possibly circumventing Chinese restrictions. In China, direct trading in cryptocurrencies is notoriously heavily restricted. Institutional engagements are politically sensitive. An investment through a U.S.-approved ETF would be formally legal, yet discreet at the same time.
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What’s particularly striking is the one-sidedness of the portfolio. Laurore Ltd. holds no broadly diversified investments, no stock baskets, no bonds. Only IBIT. A single position, worth almost half a billion dollars. For a diversified family office, that would be unusual. For a targeted strategic positioning, however, it would not.
What the BlackRock ETF has to do with it
BlackRock’s IBIT ETF allows investors to gain exposure to Bitcoin without having to hold the cryptocurrency directly. Custody, regulatory issues, technical risks—the fund provider handles all of that. For investors from restrictive jurisdictions, this could be exactly what’s attractive: exposure to Bitcoin, packaged in a regulated U.S. security. Whether Chinese institutions are actually behind Laurore remains unclear. There is no proof. But the timing is explosive.
While Western markets are increasingly accepting Bitcoin as an established asset class, the People’s Republic officially keeps its distance. If it turns out that capital is flowing through indirect channels anyway, that would be a signal. Park speaks of possible “first signs” of institutional Chinese inflows into Bitcoin—not through crypto exchanges or gray areas, but through regulated vehicles like a BlackRock ETF. Transparent in the U.S. filings, yet difficult to grasp in the background.
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Even the company name raises eyebrows. “Laurore” is reminiscent of the French “aurore”—dawn. A coincidence? Perhaps. Perhaps also a symbolic hint at a new capital flow at daybreak. One thing is certain: in a market that thrives on narratives, sometimes a few dry numbers in an SEC file are enough to trigger a debate. And suddenly a question arises that goes far beyond a single form: Who is really buying—and why right now? (mck)
