Did you notice the mystery behind the Hong Kong ghost investor? It all started when a company called Laurore Ltd. appeared with a massive position of about US$ 436 million in BlackRock’s bitcoin ETF. The problem is that the company is a complete mystery—its address in Hong Kong, a director named Zhang Hui (name as common as João Silva here), and zero transparency.

The crypto community went into a frenzy. Was it Chinese capital fleeing? Capital flight? Even Bloomberg analysts were left scratching their heads. One of them even said he spent an hour trying to figure out the case and got nowhere.

Then comes the interesting detail: when CoinDesk checked the Hong Kong address, it found that the suite was occupied by another company, Avecamour Advice Ltd, and not by Laurore. Even stranger, Laurore isn’t registered in Hong Kong at all. Basically, everything pointed to a complex, carefully designed corporate structure meant to keep things hidden.

After being pressured for a long time, Laurore finally spoke. The spokesperson said that the owner prefers to keep a low profile. But then things started to make a bit more sense. Records show that Zhang Hui is also a director of Avecamour Advice, which was incorporated in March 2025. And according to the spokesperson, the owner of Laurore is also a director of Avecamour.

In other words, Zhang Hui is probably the person behind it all. The structure appears to be: Laurore Ltd. (investment vehicle) → Avecamour Advice Ltd. (Hong Kong) → Avecamour Ltd. (British Virgin Islands). Everything very neatly organized.

The spokesperson explained that this position in IBIT is simply a reflection of the owner’s personal investment conviction. And that also makes sense—bitcoin ETFs in Hong Kong have much lower liquidity and higher fees. Meanwhile, the IBIT in the US offers much more liquidity and lower costs for institutional investors.

But then the question remains: is this really capital flight from China? Or is it just a family fund or office based in Hong Kong that decided to allocate to bitcoin through a more private corporate structure? With companies like the Hong Kong limited I mentioned, it’s common to use multiple legal vehicles for reasons like custody, privacy, and structuring.

BTC was at US$ 64.814 when all of this blew up; now it’s around US$ 77.880. In the meantime, the mystery continues. The real identity of whoever is behind this huge position remains as obscure as the identity of Satoshi Nakamoto. But one thing is certain: someone with a lot of money and expertise in corporate structures is betting heavily on bitcoin through Hong Kong.