BlackRock Bitcoin ETF Mystery Investor Breaks Silence — More Questions Than Answers

A BlackRock Bitcoin ETF mystery investor has finally responded to weeks of mounting speculation — and the answer has only deepened the intrigue. Laurore Ltd, a previously unknown entity that disclosed a $436 million position in the BlackRock iShares Bitcoin Trust (IBIT) via a U.S. Securities and Exchange Commission filing, has now broken its silence through a spokesperson who revealed almost nothing. The firm’s owner, the spokesperson said, simply “prefers to keep a low profile.”

What We Know About Laurore Ltd’s $436 Million BlackRock IBIT Position

The SEC 13F Filing That Sparked Speculation

Laurore Ltd’s $436 million IBIT stake surfaced this week through a Form 13F filing — the company’s first and only submission to the SEC. In that disclosure, Laurore listed a Hong Kong address and phone number, making it the largest new institutional holder of the iShares Bitcoin Trust to emerge from the Asia-Pacific region in recent memory and immediately raising eyebrows across the crypto community.

Under SEC rules, any investment manager overseeing more than $100 million must file a quarterly Form 13F disclosing their holdings. The form, however, only names the filing entity — not the person who actually owns the money behind it. This regulatory gap is precisely what allows an unknown investor to park $436 million in IBIT through a vehicle like Laurore while remaining entirely anonymous.

Who Is Zhang Hui? The Director Linking Laurore to Avecamour

The BlackRock IBIT 13F filing lists a director named Zhang Hui — a name as ubiquitous in China as “John Smith” is in the West, as ProCap CIO Jeff Park noted when the filing first surfaced. A search of the Hong Kong Company Registry returns more than 100 individuals named Zhang Hui listed as directors of separate entities. The same Zhang Hui, identified by a matching Mainland China passport prefix, is also the sole director of Avecamour Advice Limited, a Hong Kong company incorporated in March 2025 and wholly owned by a British Virgin Islands entity called Avecamour Ltd.

When reporters visited the Hong Kong address listed in Laurore’s SEC filing, the building directory showed the suite was occupied by Avecamour Advice Limited — not Laurore. Laurore itself is not incorporated in Hong Kong. Laurore’s spokesperson subsequently confirmed that “the owner of Laurore is also a director of Avecamour,” pointing to Zhang Hui as the common thread, while declining to provide any further identifying information about either company.

Is This Chinese Capital Flight Into Bitcoin ETFs?

The term describes a well-documented pattern in which wealthy mainland Chinese individuals move funds offshore to escape Beijing’s strict controls on outbound investment. If that is what happened here, it would mean a mainland investor used a Hong Kong-registered shell company as a conduit to acquire a massive stake in a U.S.-listed Bitcoin ETF — effectively sidestepping China’s ban on direct cryptocurrency ownership.

Jeff Park’s “Smells Like Capital Flight” Reaction

Jeff Park of ProCap was among the first to flag the filing publicly. “Smells like capital flight to me,” he wrote, framing the Hong Kong shell company Bitcoin ETF structure as a potential mechanism for moving mainland Chinese wealth into U.S. crypto assets. The post spread rapidly, with the China Bitcoin ETF backdoor narrative dominating social media discussion throughout the week.

James Seyffart and Bloomberg’s Take on the Mystery

Bloomberg ETF analyst James Seyffart engaged with the speculation directly, replying to Park’s post: “I spent almost an hour trying to figure this out earlier this morning, I got absolutely nowhere.” The admission from one of Wall Street’s most prominent ETF researchers underscored just how deliberately opaque the corporate structure surrounding Laurore’s IBIT position appears to be.

The Corporate Structure Behind the $436M Bet

Laurore Ltd, Avecamour Advice, and the British Virgin Islands Connection

Corporate registry searches reveal a layered ownership chain. Avecamour Advice Limited, the Hong Kong company sharing an address with Laurore’s SEC filing, is owned by Avecamour Ltd — a British Virgin Islands entity. Beyond that layer, no further public ownership details are available. The spokesperson for Laurore confirmed the principal’s dual role across both entities before citing the private nature of the businesses as grounds for withholding additional information.

“Our principal prefers to keep a low profile, and this position [in IBIT] is simply a reflection of their personal investment conviction,” the spokesperson said in a statement. “Since these are private businesses, we don’t disclose further ownership details.”

Why Hong Kong Investors May Choose U.S.-Listed IBIT Over HKEX Bitcoin ETFs

There is also a less dramatic explanation. Bitcoin ETFs listed on the Hong Kong Exchange (HKEX) suffer from thin trading volumes and higher management fees compared to their U.S. counterparts. An investor sitting on hundreds of millions of dollars would find BlackRock’s IBIT — the most liquid Bitcoin ETF in the world — far more practical for entering and exiting a position of this size. If Laurore is simply part of a family office network seeking the best available execution, the raw economics of the U.S. market rather than any capital flight motive could explain the allocation.

What Does Laurore’s Silence Really Mean?

For now, the identity of Laurore’s ultimate beneficial owner remains as opaque as that of Bitcoin’s own Satoshi Nakamoto. The company has technically broken its silence, but only to confirm that silence will continue. Whether this is a case of Chinese capital flight into Bitcoin ETFs via a Hong Kong shell company, a legitimate family office seeking the best available Bitcoin ETF liquidity, or something else entirely, no one outside the firm’s inner circle can say with confidence. The questions this BlackRock Bitcoin ETF mystery investor has sparked may outlast the news cycle that created them.