An offshore entity has become the largest new holder of Blackrock’s iShares Bitcoin Trust (IBIT) after a fourth-quarter filing raised scrutiny on Wednesday. The document is publicly available a week ago but has picked up steam after analysts began circulating it within financial circles.
Hong Kong-based Laurore Ltd. has disclosed 8.79 million IBIT shares in a 13F form with the US Securities and Exchange Commission on Jan. 28. The value of this holding is approximately $436 million as of Dec. 31, 2025. Laurore has become the largest new entrant in IBIT holdings in fourth-quarter filings.
IBIT Stake Draws Attention After Valuation Drop
The document has begun circulating after analysts assessed filings made public. The holding has become significant given that no other holdings were reported by this entity.
The IBIT currently trades at $37.61, according to Yahoo Finance data. This would put the holding value at $334 million.
This represents a 24% decrease in value since quarter-end if this holding remains unchanged. The 13F form does not reflect any interim transactions.
This filing has also come into the spotlight after Jeff Park, the chief investment officer of ProCap Financial, mentioned it in his social media post. He said, “Laurore appears to be an IBIT exclusive, which is noteworthy as IBIT has had very little public presence.”
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In the filing, the individual has been identified as Zhang Hui, and the company’s base has been identified as Hong Kong. No information has been disclosed in the filing with regard to the beneficial owners or the capital used.
Source: X
Park Highlights ETF Use in Restricted Bitcoin Jurisdictions
Jeff Park 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.”
According to Jeff Park, “Laurore is a narrow investment vehicle, as it is essentially a single-purpose access setup.” There have also been some filings in Q4 regarding changes in the positions of institutions related to IBIT holdings.
Abu Dhabi-linked investment funds have disclosed more than $1 billion in IBIT holdings by the end of the year. After reducing its holdings during the quarter, Harvard Management Company revealed $266 million in iShares Bitcoin Trust.
K33, a research firm, said in its statement on Wednesday that the current market structure of Bitcoin is the same as the conditions seen in late 2022, and the recovery may take time, with the price of the crypto-asset trading in a range until the sentiment improves.
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