There is a very intriguing story unfolding here that deserves more attention. An entity called Laurore Ltd., practically unknown, appeared out of nowhere with an approximate position of US$436 million in BlackRock's iShares Bitcoin Trust. Yes, that's already strange. But what left people speculating was how all of this was structured.

When CoinDesk began investigating, it found that behind Laurore is a certain Zhang Hui, a director registered with the SEC with a passport prefix from mainland China. Sounds common? Well, that's exactly the problem. Zhang Hui is as common as John Smith here. Just in Hong Kong, CoinDesk found more than 100 directors with that same name registered at different companies. Imagine trying to trace that.

The address in Hong Kong listed in the registration? When they visited, they discovered that the suite was occupied by Avecamour Advice Limited, not Laurore. And there’s more: Laurore isn’t even registered in Hong Kong. It started to look more and more like a very well-assembled corporate puzzle.

After weeks of speculation on social media about possible Chinese capital fleeing into the crypto market via bitcoin ETFs, the company finally broke its silence. A spokesperson said that the owner prefers to stay discreet and that the position simply reflects a personal investment conviction. No additional details.

The records show that Avecamour Advice is entirely owned by Avecamour Ltd., an entity from the British Virgin Islands. Zhang Hui appears as the sole director of Avecamour, incorporated in March 2025. The spokesperson confirmed that the owner of Laurore is also a director of Avecamour, implying that Zhang Hui is the owner. But they didn’t provide anything else.

So what does all of this mean? It could indeed be capital flight—funds leaving mainland China for offshore assets via Hong Kong, such as these bitcoin ETFs listed in the US—possibly to diversify wealth beyond domestic capital controls. Or it could be that Laurore is part of a group of funds or a family office under a larger entity headquartered in Hong Kong. If that’s the case, it makes sense: bitcoin ETFs in Hong Kong have low liquidity and high fees, so a local fund would choose the US-listed iShares Bitcoin Trust, which offers far more liquidity and lower costs for institutional investors.

Bitcoin’s price was around $73.87K when this story started making rounds. Large investors often use multiple legal entities for structuring, custody, or even privacy purposes. But for now, the real identity behind Laurore remains as mysterious as Satoshi Nakamoto’s. And it will probably stay that way for a while.