Laurore Ltd., a previously unknown entity, disclosed a $436 million stake in BlackRock’s iShares Bitcoin Trust (IBIT), marking one of the largest individual positions in the bitcoin ETF. The investment, revealed through SEC filings on February 23, 2026, has sparked widespread speculation about potential Chinese capital flight into U.S. cryptocurrency products.
Corporate registry records link the Hong Kong-registered investment vehicle to Zhang Hui, a mainland China passport holder who serves as director of multiple entities in the complex ownership structure. The disclosure represents the first and only SEC filing from Laurore, intensifying scrutiny over the source of funds and regulatory compliance implications.
Corporate Structure Raises Questions
Investigation into Hong Kong Company Registry filings reveals Laurore’s connection to Avecamour Advice Limited, a Hong Kong entity wholly owned by a British Virgin Islands company. Zhang Hui appears as the sole director of Avecamour Advice, which was incorporated in March 2025, just months before the substantial IBIT position emerged.
The registered address listed in Laurore’s SEC filing corresponds to Avecamour’s Hong Kong offices, though Laurore itself is not incorporated in Hong Kong. This layered structure, while not uncommon for institutional investors, has raised questions about beneficial ownership transparency and potential regulatory arbitrage.
Investment Rationale Disclosed
Following media inquiries, a Laurore spokesperson provided limited commentary on the investment strategy and ownership structure:
“Our principal prefers to keep a low profile, and this position [in IBIT] is simply a reflection of their personal investment conviction. Since these are private businesses, we don’t disclose further ownership details.”
The spokesperson confirmed that “the owner of Laurore is also a director of Avecamour,” suggesting Zhang Hui’s direct involvement in the investment decision, though declining to provide additional details about the ultimate beneficial owners.
Market and Regulatory Implications
The substantial position has drawn attention from institutional analysts, with some suggesting it may represent capital flight from mainland China through Hong Kong vehicles. Such activity could signal growing institutional appetite for bitcoin exposure among Asian investors, particularly those seeking to diversify beyond domestic capital controls.
However, alternative explanations include legitimate family office or fund allocation strategies. Hong Kong-based institutions may prefer U.S.-listed bitcoin ETFs over local alternatives due to superior liquidity and lower fee structures in American markets.
The disclosure highlights ongoing regulatory challenges in tracking beneficial ownership of large cryptocurrency positions, particularly when structured through multiple jurisdictions. While 13F filings identify reporting managers, they do not require disclosure of ultimate beneficial owners, allowing institutional investors to maintain privacy through complex legal structures.
As bitcoin ETFs continue attracting institutional capital, regulators may face increasing pressure to enhance transparency requirements for large positions that could impact market stability or circumvent capital controls.