Mysterious $436M IBIT Investment Sparks Speculation Over Chinese Capital Flows

A little-known shell company, Laurore Ltd., has triggered intense debate in the crypto market after disclosing a $436 million position in BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund. The filing, submitted to the U.S. Securities and Exchange Commission (SEC), marks Laurore’s first and only reported holding. What caught the crypto community’s attention was its listed Hong Kong address and the name of its director, Zhang Hui—a name so common in China it has been compared to “John Smith” in the West.

The unusual disclosure quickly fueled speculation across social media about possible Chinese capital entering U.S. spot bitcoin ETFs. Some industry observers suggested the investment could represent capital flight, meaning funds moving from mainland China into offshore assets like U.S.-listed bitcoin ETFs to diversify beyond domestic capital controls. Bloomberg ETF analysts and prominent crypto executives admitted they struggled to uncover meaningful details about the company’s background.

Further investigation deepened the mystery. A visit to the Hong Kong address listed in Laurore’s SEC filing revealed that the office suite belongs to Avecamour Advice Ltd., not Laurore. Corporate registry records show that Avecamour Advice is owned by Avecamour Ltd., a British Virgin Islands entity. Zhang Hui is listed as the sole director of Avecamour Advice, which was incorporated in March 2025. Laurore itself is not incorporated in Hong Kong.

A company spokesperson later stated that Laurore’s owner is also a director of Avecamour, suggesting a connection between the entities. However, no additional details about beneficial ownership were disclosed. Under 13F filing rules, reporting managers are identified, but ultimate beneficial owners are not required to be revealed.

While the $436 million IBIT investment may signal strategic offshore diversification into U.S. bitcoin ETFs, it could also reflect standard structuring by private investment vehicles seeking liquidity and lower fees. For now, Laurore’s true ownership remains unclear, leaving the crypto market searching for answers.