#Gate广场四月发帖挑战 The biggest mystery in the crypto market: the mysterious holder of 436 million IBIT—Chinese capital fleeing abroad or a low-profile family office?

A shocking new puzzle has erupted in the crypto market: a mysterious company called Laurore Ltd., which has filed to hold a position in Belaird IBIT at a Hong Kong address worth as much as $436 million, instantly igniting social media—and the identity remains a mystery to this day.

1. The core of the mystery: a $436 million position—no such company found

• Position size: SEC filings show that Laurore Ltd. holds 8.786 million shares of IBIT, accounting for 0.65% of the total—making it the largest new added holder in Q4 2025.

• Strange details: The company has no official website, no history, and no public information. The only place it appears is in SEC filings with a director named “Zhang Hui,” but that name shows up 100+ times in the Hong Kong Companies Registry.

• Address fabrication: The declared Hong Kong Central address at Exchange Square is actually occupied by Avecamour Advice Ltd.; and Laurore is not registered in Hong Kong—rather, it is an offshore entity in the British Virgin Islands (BVI).

2. Step by step: Zhang Hui and an offshore labyrinth

• Related entities: Avecamour Advice is wholly owned by Avecamour Ltd. in the BVI, and Zhang Hui is its sole director.

• Establishment time: Both companies were newly registered in 2025, closely matching the timeline when the IBIT position was built.

• Official response: A spokesperson admits that “the owner prefers to stay low-key,” and that the investment is only based on “personal belief,” implying that Zhang Hui is the actual controller—but they refuse to disclose any details.

3. Two major theories: capital fleeing abroad, or normal allocation?

Theory 1: Chinese capital fleeing abroad (high buzz)

• Route: Mainland capital → Hong Kong → BVI company → US IBIT, bypassing foreign exchange controls.

• Motivation: Hedging, asset diversification, and optimism about Bitcoin’s long-term value.

• Questions: A pure single-asset position, a multi-layer offshore structure, and an extremely well-hidden identity.

Theory 2: Low-profile allocation by a Hong Kong family/fund (mainstream interpretation)

• Logic: IBIT’s liquidity is the strongest globally, and its fee rate is only 0.25%, making it the top choice for institutional allocation to Bitcoin.

• Common approach: Ultra-high-net-worth families often use multi-layer offshore structures to protect privacy and optimize taxes.

• Evidence: The funds are purely new incremental capital, with no diversion from other ETFs.

4. Market comparison: BTC versus tech stocks in extreme divergence

• Bitcoin: Currently trading at $72,830, up 1.16% over 24 hours, and up 9% over the past month.

• Tech stock ETFs: Dropped 12% over the same period, with capital clearly shifting from traditional tech to crypto assets.

• Signal: Institutions are treating Bitcoin as an independent hedge/growth asset, decoupled from risks in the US stock market.

5. The endgame of the mystery: like Satoshi Nakamoto—it may be unsolved forever

• Multi-layer offshore setup + anonymous directors + low-key statements mean the identity of the actual controller is almost impossible to expose.

• The essence: This is standard Wall Street and offshore capital playbook—only the $436 million scale is astonishing.

• The truth: No matter where the funds came from, it confirms that institutions are rushing into Bitcoin; IBIT has become a core tool for global capital allocation.

This is not the end—it’s the beginning of the institutional era. Who will the next mysterious holder be?

This article does not constitute investment advice. Data is as of April 11, 2026.