Hong Kong-based Laurore Ltd. has emerged as the largest new holder of BlackRock’s iShares Bitcoin Trust (IBIT) after a recent SEC filing gained attention. The entity disclosed an 8.79 million-share stake, valued at approximately $436 million at the end of Q4. At current prices, that holding is worth about $334 million, representing a 24% decline. The filing highlights continued institutional movement into the spot Bitcoin ETF.
An offshore entity has become the largest new holder of BlackRock‘s iShares Bitcoin Trust (IBIT) after a fourth-quarter filing raised scrutiny. The document from Hong Kong-based Laurore Ltd. disclosed 8.79 million IBIT shares in a 13F form with the SEC.
The holding was valued at approximately $436 million as of December 31, 2025. With IBIT currently trading at $37.61, the stake is now worth about $334 million.
This marks a 24% decrease in value since quarter-end if the holding remains unchanged. Analyst Jeff Park noted the entity appears to be an “IBIT exclusive” in a social media post.
Park, the chief investment officer of ProCap Financial, said, “Some investors may seek to use US-listed ETFs as an entry point to gain exposure to Bitcoin in jurisdictions where they are not permitted to have direct exposure to the underlying.” He characterized Laurore as a narrow, single-purpose investment vehicle.
The filing identifies Zhang Hui as an individual associated with the Hong Kong-based company. No information was disclosed regarding beneficial owners or the capital source.
Other significant institutional shifts occurred in Q4, including Abu Dhabi-linked funds disclosing over $1 billion in IBIT holdings. Harvard Management Company revealed a $266 million position after reducing its holdings during the quarter.
Research firm K33 stated that Bitcoin’s current market structure resembles conditions seen in late 2022. They noted recovery may take time, with the asset likely trading in a range until sentiment improves.
