Mystery Hong Kong investor in BlackRock's bitcoin ETF breaks silence — only to spark more questions

CoinDesk

by Sam Reynolds

February 23, 2026

AI-Generated Deep Dive Summary

A mysterious Hong Kong investor, identified through filings as Laurore Ltd., has purchased a $436 million stake in BlackRock's iShares Bitcoin Trust (IBIT) exchange-traded fund. The move sparked widespread curiosity in the crypto community, with speculation swirling around potential links to Chinese capital flight. A spokesperson for Laurore confirmed the investment reflects "personal conviction," but declined to provide further details about the company or its ownership. The intrigue began when Laurore listed a Hong Kong address and phone number in SEC filings, which also named Zhang Hui as a director—a common name in China. This led to speculation that the investor might be a mainland Chinese passport holder. While some suggested "capital flight" as a plausible explanation, others noted that Laurore is not incorporated in Hong Kong, adding layers of complexity to the situation. The company's structure and ownership remain opaque, with no additional details available about its directors or stakeholders. The mystery deepened when investigators found that the listed address belonged to another firm, Avecamour Advice Ltd., which is wholly owned by a British Virgin Islands entity. Zhang Hui was also linked to Avecamour, but no further information could be gleaned from public records. Laurore's spokesperson confirmed that the owner prefers anonymity and operates privately, citing reasons of confidentiality. This case highlights the challenges of tracing ownership in complex offshore structures, particularly in the crypto space. While some see it as evidence of wealth moving out of China through Bitcoin ETFs, others view it as a reflection of growing institutional interest in cryptocurrencies. For crypto enthusiasts, this story underscores the importance of understanding capital flows and regulatory frameworks that shape market dynamics.

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Originally published on CoinDesk on 2/23/2026