I just uncovered a rather strange story revolving around a massive sum of $436 million USD in BlackRock's Bitcoin ETF fund. It all started when a company named Laurore Ltd. appeared with an address in Hong Kong, submitting its first (and only) position into the iShares Bitcoin Trust (IBIT). The associated person's name? Zhang Hui — a name as common as "John Smith" in China. The crypto community immediately started buzzing, and social media exploded with speculation.

What makes this story interesting is that when CoinDesk reporters began digging deeper, they discovered over 100 people named Zhang Hui listed as board members in the Hong Kong companies registry. This led to a week of feverish speculation that capital from China might be trying to enter the crypto market through spot Bitcoin funds.

But when CoinDesk visited the Hong Kong address listed in Laurore’s filings, they found something odd: the apartment was actually leased by Avecamour Advice Ltd., not Laurore. Moreover, Laurore was not incorporated in Hong Kong. The entire setup started to look more complicated.

After being "pressured," Laurore finally spoke out. Their spokesperson said the owner preferred to keep their identity confidential but did not reveal any further details. Digging deeper into the Hong Kong companies registry, CoinDesk found that Avecamour Advice was entirely owned by Avecamour Ltd., a company registered in the British Virgin Islands. And in the Hong Kong company registration documents, Zhang Hui (with a mainland Chinese passport prefix) was listed as the sole director of Avecamour Advice, established in March 2025.

Laurore personnel said that the owner of Laurore was also a member of the board of Avecamour, implying that Zhang Hui is the owner of this mysterious company. However, they provided no additional details. "Our capital prefers to stay modest," the spokesperson said, "their position in IBIT merely reflects their personal investment trust."

This is a typical scenario: major investors often hold positions through multiple intermediary companies for structural, security, or diversification reasons. 13F filings do not require disclosure of the true owner, so this is entirely legal.

But what does this mean? One possibility is that it’s a sign of "capital flight" — money moving from China into cross-border assets via Hong Kong, such as US-listed Bitcoin ETFs, to avoid domestic capital controls. Another possibility is that Laurore is just part of a larger fund group or family office based in Hong Kong, and they chose to invest in IBIT because of higher liquidity and lower fees compared to Bitcoin ETFs on HKEX.

Currently, the true identity of Laurore remains as mysterious as Satoshi Nakamoto. Despite CoinDesk’s thorough investigation through the Hong Kong companies registry and other corporate records, there’s still no definitive answer. The current BTC price is $77.77k, and questions about who is holding $436 million USD in IBIT remain unanswered.