A Form 13F for the quarter ended December 31, 2025 has put a little-known Hong Kong entity in focus. The filing shows Laurore Ltd. holding 8,786,279 shares of BlackRock’s spot Bitcoin ETF IBIT, a position valued at about $436 million. The size of the stake and the narrow portfolio made the disclosure stand out quickly.
A filing built around a single ETF position
Jeff Park, an advisor at BitwiseInvest, drew attention to the document and noted how unusual the filing looks. The listed filer name is Zhang Hui, and the portfolio contains only one position: IBIT. No equities. No tech basket. No hedge against the Bitcoin exposure.
According to the report, Laurore appears to be a newly formed entity with no public website and almost no visible corporate footprint beyond the SEC submission. Park’s reading is that the structure looks less like a standard U.S. investment account and more like a dedicated vehicle created for BTC exposure alone.
Why China is part of the discussion
Park linked the setup to a possible China-related motive. His argument is based on access: investors in China do not have an easy route to hold Bitcoin directly, while a regulated U.S. spot ETF can offer a cleaner channel to gain exposure. The position is visible because of the filing. The underlying capital source is not.
He described that approach as the most “transparent non-transparent” method. The market can see the IBIT stake, but the filing does not reveal who ultimately controls the capital behind it. The source article raises the question of whether the firm is backed by Chinese money, though the available documents do not establish that as fact.
Why the market is focusing on the $436 million figure
The report says the position appears to have been built over time rather than through a single trade. At roughly $436 million, the holding falls into the category of a meaningful institutional allocation, not a short-term move. The concentration in one product also suggests a deliberate bet on long-term BTC exposure.
The disclosure adds to a broader pattern around U.S. spot Bitcoin ETFs. For larger investors, these vehicles offer regulated access without direct custody, exchange onboarding, or internal crypto infrastructure. Beyond the filing itself, though, key details remain missing. Laurore’s public profile is thin, and the ultimate source of the capital is still unclear.