Mysterious Hong Kong entity emerges as largest new holder of BlackRock’s Bitcoin ETF
A Hong Kong-based entity has emerged as the largest new shareholder of BlackRock’s spot Bitcoin exchange-traded fund (ETF), according to a recent regulatory filing.
As of Dec. 31, the firm held roughly 8.79 million shares of the iShares Bitcoin Trust ETF (IBIT), valued at $436 million, per a Form 13F disclosure filed with the U.S. Securities and Exchange Commission (SEC). The filing identifies the shareholder as "Laurore" and the reporting individual as Zhang Hui. While the entity is listed as Hong Kong–based, the document provides no further details regarding the company’s background or sources of capital.
Because Form 13F filings disclose institutional equity holdings only at the end of each quarter, the specific timing of Laurore's accumulation of the IBIT stake remains unclear.
Workaround for Chinese Bitcoin restrictions
Jeff Park, Chief Investment Officer at ProCap Financial, noted on X that the entity appears to lack a public footprint. He observed that the filer’s name is common in China, suggesting limited traceability, and added that the “Ltd.” designation may indicate an offshore structure often utilized to access U.S. markets.
Park further suggested that because IBIT is the firm's sole disclosed holding, Laurore likely functions purely as a $436 million Bitcoin exposure vehicle rather than a diversified fund. He theorized that this structure might reflect Chinese capital seeking regulated Bitcoin exposure via a U.S.-listed ETF, potentially signaling early indications of institutional capital flight.
This disclosure arrives amidst a prolonged downturn for Bitcoin. The cryptocurrency is currently trading near $67,000, representing a decline of about 47% from its Oct. 7 peak of $126,000.
Analysts split as BTC trades 47% below peak
Market analysts have offered diverging outlooks on Bitcoin’s next move. According to CoinDesk, Bloomberg Intelligence analyst Mike McGlone stated on X that he has raised his downside target for Bitcoin to roughly $28,000, up from a previous $10,000, arguing that this revised level better aligns with historical price distribution.
This update follows McGlone's earlier warning that a continued crypto selloff could signal broader financial stress, and that Bitcoin could fall toward $10,000 if U.S. equities peak and a recession ensues.
Conversely, Chase Guo, a former Binance executive, predicts Bitcoin will reach a new all-time high this year. As reported by BeInCrypto, Guo argues that this move will be driven by liquidity dynamics rather than fundamentals, with capital flows, market positioning, and consensus playing decisive roles.
Guo believes a liquidity squeeze, fueled by derivatives exposure and capital rotation, could push prices beyond previous highs. Against the backdrop of Bitcoin’s fixed supply, he suggests that even modest institutional or sovereign inflows could exert an outsized impact on price.
