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- Offshore entity disclosed a $436M stake in BlackRock’s Bitcoin ETF.
- Analysts say ETFs remain a key gateway to Bitcoin exposure.
- Institutional positioning suggests cautious but ongoing crypto adoption.
A little-known offshore entity has quietly become one of the largest new investors in BlackRock’s spot Bitcoin exchange-traded fund, drawing fresh attention from analysts tracking institutional crypto exposure. A fourth-quarter filing shows Hong Kong-based Laurore Ltd. accumulated a sizeable position in the iShares Bitcoin Trust (IBIT), underscoring how global capital continues to flow into regulated Bitcoin products.
Large Stake Revealed in SEC Filing
According to a disclosure submitted to the U.S. Securities and Exchange Commission, Laurore reported ownership of 8.79 million IBIT shares as of late December. The position was valued at roughly $436 million at quarter-end, making it the largest new entrant among recent filings tied to the ETF.
Since then, IBIT’s price has slipped, bringing the stake’s estimated value closer to $334 million if unchanged. Because the filing only captures holdings at the end of the reporting period, any subsequent trades or reallocations remain unknown.
The lack of other reported assets linked to the entity has intensified curiosity among analysts. Public records identify an individual named Zhang Hui and list the company’s base in Hong Kong, though details about ownership or funding sources were not disclosed.
Analysts See ETF as Gateway to Bitcoin Exposure
The filing gained wider visibility after Jeff Park, chief investment officer at ProCap Financial, highlighted the position online. He suggestede that some investors may prefer US-listed Bitcoin ETFs to gain indirect exposure where direct crypto investment faces regulatory or operational barriers.
This interpretation aligns with a broader trend in which ETFs serve as regulated access points for institutions or capital pools operating in stricter jurisdictions.
Institutional Interest Remains Mixed
Recent filings also show other major players adjusting exposure. Funds linked to Abu Dhabi disclosed more than $1 billion in IBIT holdings by year-end, while Harvard Management Company trimmed its position to about $266 million.
Also Read: BlackRock Isn’t Betting on Bitcoin — It’s Quietly Draining the Supply
Meanwhile, research firm K33 noted that Bitcoin’s broader market structure resembles conditions seen in late 2022, suggesting price recovery could remain gradual until sentiment improves.
Laurore’s sizeable IBIT stake highlights how Bitcoin ETFs are increasingly shaping institutional crypto exposure. While the investor’s identity and motives remain unclear, the move reinforces a key narrative: regulated funds are becoming the preferred entry point for global capital seeking Bitcoin exposure without directly holding the asset.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
