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.
Despite the price weakness, IBIT counts about 384 million shares held by 1,690 entities including Millennium Management, Jane Street, Susquehanna International Group, Citadel Advisors and Mubadala Investment Company, highlighting sustained institutional appetite for regulated bitcoin exposure.
Laurore’s opaque structure and cross-border footprint have fuelled speculation that it may serve as a purpose-built conduit for offshore capital seeking US-regulated bitcoin access, reinforcing broader themes of rising global ETF demand and lingering opacity around certain capital flows.
At the time of reporting, Bitcoin price was $67,537.87.