Bitcoin has become an asset class of growing interest to institutional investors following the approval of U.S. Spot Bitcoin exchange-traded funds (ETFs) in January 2024.
Since then, net asset value (NAV) among U.S. institutional spot investors has grown sharply, totaling over 682,830 BTC valued at $54.49 billion.
This surge has drawn institutional clients from across the market, and recent filings suggest Chinese investors could now be among these participants, controlling a sizable stake.
Chinese investors could be making a major bet
The latest 13F filing—a quarterly disclosure required by the Securities and Exchange Commission (SEC) from institutional investment managers—revealed new entrants to BlackRock’s IBIT Spot Bitcoin ETF.
Among the holders is Laurore Ltd., reportedly controlling the equivalent of $436 million in Bitcoin [BTC] despite leaving no digital footprint.
Jeff Park, a Bitwise advisor, linked this entity to Chinese investors in Hong Kong through the filer’s name, Zhang Hui.
“Zhang Hui is the Chinese equivalent of John Smith. It’s what I like to call a ‘non-anonymous anonymous’ name—hidden in plain sight, buried under millions of records to make it untraceable,” Park explained.
Source: X
Laurore Ltd. appears to be a classic offshore wrapper, likely based in the Cayman Islands or BVI, allowing Chinese investors to access U.S. markets in ways that would otherwise be restricted. Park notes that China’s ban on institutional Bitcoin holdings may have prompted this strategy.
“This could be an early sign of institutional Chinese capital entering Bitcoin,” Park added. “The name Laurore likely derives from the French l’aurore: ‘the dawn.’”
Hong Kong Bitcoin investment trails
Hong Kong’s own Spot Bitcoin ETFs have significantly underperformed their U.S. counterparts.
According to SoSoValue, the total NAV of HK spot Bitcoin ETFs stands at 3,870 BTC, valued at approximately $264.9 million at the time of writing.
Holdings are distributed across three institutional investors—ChinaAMC, Bosera HashKey, and Harvest—in descending order of their stake.
If Park’s assessment of Chinese investor involvement is correct, the $264.9 million in HK ETFs represents roughly 61% of Laurore Ltd.’s $436 million stake in IBIT, but less than 0.5% of the broader U.S. NAV of $54.49 billion.
Bitcoin is facing pressure beyond Chinese investors, as U.S. institutional participants have slashed significant portions of their assets under management.
Since Bitcoin peaked in October 2025, AUM among these institutional funds has dropped from $163.27 billion to roughly $54.49 billion, a 66.6% decline.
Interestingly, this decline in institutional AUM has outpaced Bitcoin’s price drop itself.
While Bitcoin’s market value fell 45.79% from its all-time high, the corresponding AUM in U.S. institutional spot holdings fell 66.6%, reflecting an additional 20.8% reduction beyond the price movement.
This gap highlights how cautious institutional investors have become, liquidating positions even faster than the underlying asset’s losses.
Bitcoin outlook remains weak
Sentiment remains bearish, and the outlook for Bitcoin continues to weigh on institutional performance.
Short-term and long-term holders, particularly whales controlling large capital, remain net sellers.
A recent AMBCrypto report shows that these investors dominate spot trading volumes, with the whale-to-exchange ratio signaling ongoing liquidation.
Until selling slows and sentiment normalizes across market participants, Bitcoin risks further significant drawdowns that could impact its long-term price trajectory.
Final Summary
- Some Chinese investors appear to be acquiring Bitcoin through BlackRock using structured approaches, as domestic holdings remain banned in China.
- Recent Chinese purchases reportedly amount to roughly 1.6 times the total net asset value (NAV) of Hong Kong’s spot Bitcoin ETF.