Mystery Hong Kong firm emerges as largest new IBIT holder after building $436 million stake in late 2025

A little-known offshore entity has surfaced as the largest new entrant into BlackRock’s iShares Bitcoin Trust ETF, according to regulatory filings that have only recently drawn attention despite being submitted weeks ago.

Hong Kong-based Laurore Ltd. disclosed ownership of 8.79 million shares of IBIT, valued at roughly $436 million as of Dec. 31, 2025, according to a Form 13F filing submitted to the U.S. Securities and Exchange Commission on Jan. 28. The position makes Laurore the biggest new IBIT holder appearing in fourth-quarter disclosures, though the filing only began circulating widely among market watchers this week.

With IBIT now trading at $38 per The Block price data, the stake would be worth about $334 million, implying a roughly 24% decline from the quarter-end valuation if the firm is still holding the entire position. The filings show holdings at quarter-end but do not reveal when positions were built or sold since then.

The disclosure drew attention after Jeff Park, chief investment officer at ProCap Financial, highlighted the filing on social media, noting the firm appears to hold "nothing but IBIT."

Laurore appears to have little public footprint. The filing lists the firm's reporting filer as Zhang Hui and gives Hong Kong as the entity’s base. Park suggested the structure could represent investors seeking bitcoin exposure through regulated ETF markets, potentially including capital from jurisdictions where direct crypto access is restricted. However, the filing itself does not disclose beneficial owners or the source of capital.

“This isn’t a diversified fund. It’s a bitcoin access vehicle dressed in institutional clothing,” Park wrote.

Institutions adjust bitcoin exposure

This comes as institutional ownership of bitcoin ETFs continues to fluctuate amid overall crypto market weakness.

Separate filings this week showed Abu Dhabi-linked funds holding over $1 billion worth of IBIT at year-end, while Harvard Management Company maintained a roughly $266 million position after trimming holdings during the quarter.

Meanwhile, research firm K33 said Wednesday that bitcoin’s market structure resembles late-2022 bear market conditions that preceded the last cycle bottom, though analysts caution recovery could take time and expect prices to remain rangebound before any sustained rebound.