A little-known offshore entity has disclosed a $436 million position in Blackrock’s Ishares Bitcoin Trust, instantly emerging as one of the largest new institutional shareholders in the spot bitcoin ETF.
According to a Form 13F-HR filed with the US Securities and Exchange Commission on 28 January 2026, Laurore Ltd reported ownership of 8,786,279 IBIT shares as of 31 December 2025 valued at $436,238,752, representing its first and only disclosed holding.
The filing shows Laurore exercises sole investment discretion and sole voting authority over the entire stake, underscoring a highly concentrated bet on a single US-listed bitcoin vehicle.
Laurore Ltd is incorporated in the British Virgin Islands and lists a Hong Kong business address in Central, yet it has no public website, no prior investment disclosures and no visible operating history beyond a single 13F entry under Central Index Key 0002082507.
With IBIT shares trading near $38 in early 2026, the position’s market value would stand closer to $334 million, implying an unrealised loss of roughly $102 million if unchanged, following bitcoin’s roughly 23% to 24% fourth-quarter decline in 2025 and an additional 20% slide in 2026.