Who Says Chinese Investors Can't Own Bitcoin? Mystery Firm Pours $436 Million Into BlackRock's ETF

According to Bitwise Invest advisor Jeff Park, China may be seeing "capital flight" into crypto.

Is Chinese Capital Entering Quietly?

Recent 13F filings show Laurore Ltd., a previously unknown Hong Kong–based firm, as a major holder of BlackRock‘s iShares Bitcoin Trust .

The filer is listed as "Zhang Hui," a common Chinese name.

Laurore has no website, public profile or operating history.

Its structure, likely based in the Cayman Islands or British Virgin Islands, resembles a typical offshore vehicle used to access U.S. markets.

Notably, the firm reports holding just one asset: a $436 million position entirely in IBIT. That suggests it may have been created specifically to gain Bitcoin exposure rather than to operate as a diversified investment fund.

Park said the development hints at potential "capital flight" into crypto despite China's restrictions.

If the funds originate from mainland China, the ETF route would offer regulated exposure through U.S. markets instead of direct crypto exchange access.

China Tightens Crypto Crackdown

The filing comes as China reiterates its hard-line stance on digital assets.

Authorities have banned crypto trading since 2021 and recently reinforced restrictions. In a post on X, crypto influencer CryptoRover said China will not grant cryptocurrencies legal status as money.

Crypto-related business activity is treated as a financial crime, foreign crypto platforms are barred from operating in China and regulators have expanded scrutiny to real-world asset tokenization and offshore yuan-pegged stablecoins.

The latest measures aim to close remaining loopholes used to access digital assets.

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