A mystery Hong Kong investor holding a $436 million stake in BlackRock’s bitcoin ETF has broken silence after a week of speculation about the massive position. Laurore Ltd., a previously unknown entity, filed the position in iShares Bitcoin Trust (IBIT) on February 23, 2026, listing director Zhang Hui with a mainland China passport.
The filing sparked intense speculation about potential Chinese capital flight into U.S. crypto markets through the world’s largest bitcoin ETF.
Corporate Structure Raises Questions
Hong Kong Company Registry records show Zhang Hui serves as sole director of Avecamour Advice Limited, a Hong Kong company owned by a British Virgin Islands entity. The SEC filing listed Avecamour’s Hong Kong address, though Laurore itself is not incorporated in Hong Kong.
CoinDesk found over 100 different Zhang Huis listed as directors in the Hong Kong Company Registry, with the name being as common in China as “John Smith” in the West, according to ProCap CIO Jeff Park.
Investor Prefers Low Profile
A Laurore spokesperson confirmed the connection between the companies but declined to provide ownership details.
“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. “Since these are private businesses, we don’t disclose further ownership details.”
The spokesperson added that the stake “reflects personal investment conviction” and confirmed “the owner of Laurore is also a director of Avecamour,” implying Zhang Hui owns the firm.
Capital Flight Speculation
The massive position triggered speculation about funds moving out of mainland China into offshore assets via Hong Kong. Park commented on the filing, saying it “smells like capital flight to me.”
Bloomberg ETF analyst James Seyffart spent nearly an hour trying to identify the investor, stating he “got absolutely nowhere.”
Alternative Explanations
The investment could represent a Hong Kong-based fund choosing U.S.-listed IBIT over Hong Kong bitcoin ETFs due to superior liquidity and lower costs. HKEX-listed bitcoin ETFs suffer from low liquidity and high fees compared to their U.S. counterparts.
The structure may also represent a cluster of funds or family offices under a larger Hong Kong entity investing in bitcoin ETFs for institutional clients seeking crypto exposure.
13F filings identify reporting managers but do not require disclosure of ultimate beneficial owners, allowing large investors to maintain privacy through multiple legal vehicles.