Key Takeaways
A mysterious Hong Kong-based entity, Laurore Ltd., has disclosed a $436 million stake in BlackRock’s spot Bitcoin ETF (IBIT). This development has sparked interest and speculation within the crypto industry. Industry leaders are considering whether this structure could serve as a workaround for mainland Chinese investors who are restricted from directly engaging with cryptocurrency.
If Chinese-linked institutional money is indeed entering the U.S. market through offshore vehicles, it could significantly boost long-term Bitcoin liquidity. The recent disclosure of a $436 million stake in BlackRock’s iShares Bitcoin Trust (IBIT) has raised questions about whether capital from China is quietly making its way into the U.S. crypto market—despite Beijing’s strict ban on cryptocurrency trading.
The position was revealed in a U.S. regulatory filing, which showed that Laurore Ltd., a previously unknown Hong Kong-based entity, holds shares of the iShares Bitcoin Trust (IBIT), BlackRock’s flagship spot Bitcoin ETF. This has led to discussions about the potential implications of such a move.
Bitwise Adviser Flags ‘Non-Anonymous Anonymous’ Entity
Jeff Park, an adviser at crypto asset manager Bitwise, first brought attention to the Laurore Ltd. position on Tuesday in a post on X. According to the filing, Laurore Ltd. was newly established and holds a single asset: IBIT shares valued at approximately $436 million.
There is limited public information about the Bitcoin ETF filer. The filer, listed as “Zhang Hui,” a common name in China, operates through an entity based in Hong Kong. Park described the structure as “a $436 million Bitcoin access vehicle dressed in institutional clothing,” noting that the “Ltd.” suffix often indicates an offshore corporate vehicle such as those commonly incorporated in the Cayman Islands or British Virgin Islands.
He suggested that the name and structure could represent what he called a “non-anonymous anonymous” setup, something difficult to trace due to its generic identifiers. “Why would you do this? Because Chinese investors can’t hold Bitcoin,” he wrote. Park also mentioned that if it is what it looks like, it might be an “early sign of institutional Chinese capital moving into Bitcoin.”
Why Some See a Bitcoin China Angle — and What It Could Mean
Mainland China prohibits investors from trading crypto domestically, but Hong Kong enforces a separate legal and financial system. Offshore vehicles structured in jurisdictions such as the Cayman Islands are frequently used by global investors to access U.S. markets.
If the IBIT stake does represent capital tied to mainland China, it would suggest a shift in how Chinese money gains exposure to digital assets. Such a development could also have broader implications. U.S.-listed spot Bitcoin ETFs, including IBIT, have been viewed as a bridge between traditional finance and crypto markets.
Institutional demand from previously restricted pools of capital could heavily deepen liquidity and eventually boost prices over the long term. However, without confirmation of Laurore Ltd.’s ultimate beneficiaries, the theory remains speculative.
Industry Leaders Weigh In
The Laurore Ltd. filing quickly circulated among crypto executives and commentators. Bitwise’s Park characterized the structure as potentially signaling capital flight, while other industry figures also shared his thoughts with their followers.
Bitwise Chief Investment Officer Matt Hougan responded publicly with a pair of “eyes” emojis. Meanwhile, Samson Mow, CEO of Bitcoin-focused firm JAN3, posted the phrase “Fire Horse brings wealth.” While none of the commentators provided evidence linking the entity to mainland investors, the reaction has sparked optimism.
One trader wrote: “If this truly is Chinese investors, this is a good start and bullish for BTC.” Another said: “Chinese whales are in.” However, for now, the true identity behind Laurore Ltd. remains unclear.
China’s Hard Line on Bitcoin and Crypto
China has maintained one of the world’s strictest stances on crypto activity. It introduced trading and mining restrictions in stages over several years. In 2021, it imposed a sweeping ban that almost completely outlawed crypto transactions and services on the mainland.
In a recent joint notice, the People’s Bank of China (PBOC) reinforced the ban, noting that activities linked to virtual currencies are illegal if they disrupt financial order. The new directive specifically targeted new areas such as tokenization of real-world assets and unauthorized offshore stablecoins pegged to the yuan.