Laurore Ltd., a shell company with a $436 million stake in BlackRock’s iShares Bitcoin Trust (IBIT), has broken its silence after triggering speculation about Chinese capital flight into bitcoin ETFs. The entity’s SEC filing listed Hong Kong director Zhang Hui, a mainland China passport holder, sparking a week-long investigation into the mystery whale’s identity.

The massive IBIT position represents the company’s first and only regulatory filing, immediately drawing attention from DeFi analysts and ETF watchers who noted the generic nature of the listed director’s name and Hong Kong address.

Corporate Structure Reveals BVI Connection

Registry filings reveal a complex offshore structure linking Laurore to Avecamour Advice Limited, a Hong Kong entity wholly owned by British Virgin Islands-incorporated Avecamour Ltd. Zhang Hui serves as the sole director of Avecamour Advice, which shares its address with Laurore’s SEC filing location.

The connection between the entities became apparent when CoinDesk visited the Hong Kong address, finding Avecamour Advice’s nameplate rather than Laurore’s. Notably, Laurore itself is not incorporated in Hong Kong, adding another layer to the offshore structure.

Capital Flight or Institutional Allocation?

The substantial bitcoin exposure has divided analysts on the underlying motivation. ProCap CIO Jeff Park characterized the move as potential capital flight, noting on X that the common director name raised red flags.

“Smells like capital flight to me,” Park posted, while Bloomberg ETF analyst James Seyffart admitted spending “almost an hour trying to figure this out” with no success.

However, the allocation could represent standard institutional portfolio diversification, with Hong Kong-based capital choosing U.S.-listed IBIT over local HKEX bitcoin ETFs due to superior liquidity and lower fee structures.

Privacy-Focused Investment Thesis

A Laurore spokesperson finally addressed the speculation, emphasizing the principal’s preference for anonymity while confirming the investment reflects personal conviction rather than institutional mandates.

“Our principal prefers to keep a low profile, and this position [in IBIT] is simply a reflection of their personal investment conviction,” the spokesperson stated, declining to provide additional ownership details.

The spokesperson confirmed Zhang Hui’s dual role as both Laurore’s owner and Avecamour’s director but maintained opacity around the beneficial ownership structure, citing private business operations.

13F Filing Limitations

The regulatory framework around 13F filings only requires disclosure of reporting managers, not ultimate beneficial owners, allowing large allocators to maintain privacy through multiple legal vehicles. This structure is common among family offices and institutional investors seeking custody, tax, or privacy optimization.

The Laurore mystery highlights the intersection of traditional finance infrastructure with bitcoin allocation strategies, as offshore entities increasingly leverage U.S. ETF products for digital asset exposure while maintaining regulatory compliance and operational flexibility.