A little-known offshore entity has entered the spot Bitcoin exchange-traded fund (ETF) space with a $436 million position, quickly becoming one of the largest new institutional shareholders in BlackRock’s IShares Bitcoin Trust (IBIT).
Offshore capital flows? Hong Kong-affiliated Laure Ltd. holds major stake in IBIT
According to a Form 13F-HR filed with the Securities and Exchange Commission (SEC) on January 28, 2026, Laure Ltd. disclosed ownership of 8,786,279 IBIT shares as of December 31, 2025, valued at $436,238,752 at the time. The filing represents the company’s first and only reported holdings, making it a planned and highly concentrated bet.
Laurore Ltd. is incorporated in the British Virgin Islands (BVI) and has a Hong Kong business address listed in Central District Office Tower. Beyond that, the company’s profile is tenuous. This application has no public website, prior investment disclosures, or visible operating history. Its central index key 0002082507 shows only one 13F entry and little else.
13F indicates that Lowroll exercises sole investment discretion and sole voting power over the entire IBIT position. There is no shared manager. There is no diverse basket. Just one ETF, and a pretty sizable ETF.
At the time of filing, the valuation reflected IBIT’s year-end 2025 price. With the stock trading at around $38 at the beginning of 2026, the market value of the stock remains close to $334 million, which would represent an unrealized loss of about $102 million if the position remains unchanged. This change reflects a broader decline in the fourth quarter, with Bitcoin declining by about 23% to 24% in 2025.
In 2026, the leading crypto asset will depreciate by another 20% against the US dollar. Background is very important. Bitcoin cooled down from Q4 to Q1 of 2026, but institutional ownership of spot ETFs continued. Overall, IBIT counts approximately 384 million shares held by 1,690 entities, which represents a significant portion of the fund’s assets under management (AUM). In other words, financial institutions continued to write checks even though price trends were volatile.
Mr. Loroll’s structure has sparked speculation. Offshore incorporation in the British Virgin Islands resembles a classic cross-border access method when combined with a Hong Kong address. Analysts and market observers have raised the possibility that such a structure could allow capital from regions where cryptocurrencies are directly regulated to gain exposure through U.S.-regulated products.
Still, while there is no direct evidence linking Lowroll to any particular jurisdiction’s circumvention efforts, its opacity has fueled debate on social media. The application was signed by director Zhang Hui, a very common name that provides few clues about beneficial ownership. The combination of its anonymity and single-asset portfolio has led some to refer to Lauroll as a dedicated Bitcoin access conduit rather than a traditional asset manager.
On the other hand, IBIT’s extensive shareholder base is like a who’s who of institutional finance. Government-linked companies such as Millennium Management, Jane Street, Susquehanna International Group, Citadel Advisors, and Mubadala Investment Company all hold important positions. Aside from the usual, the entry of Low Roller stands out as the most important addition of the fourth quarter.
The timing is notable. Bitcoin’s market structure in the second half of 2025 mirrors the situation in the second half of 2022, with analysts describing prolonged consolidation and cautious sentiment. Still, Lowroll didn’t bite. A single 9-digit ETF allocation during a recession indicates either strong conviction or strategic positioning, perhaps both.
Social media chatter added to the conspiracy. Some users estimate that based on the equity equivalent and fund structure, this stake equates to indirect exposure of approximately 4,984 BTC at an average acquisition price of approximately $87,500 per coin. Some see this as a sign that offshore capital continues to seek regulated Bitcoin exposure despite policy constraints in certain jurisdictions.
Ultimately, Laure Ltd.’s IBIT position highlights two themes shaping the ETF era: the growing global demand for regulated access to Bitcoin and the persistence of opacity surrounding certain capital flows. It remains to be seen whether Lalor proves to be a long-term holder or a tactical entrant. For now, the company has planted a large and unmistakable flag in one of the hottest bitcoin mediums on the market.
Frequently asked questions 🔎
- What is Roroll Co., Ltd.?
Laurore Ltd. is a corporation incorporated in the British Virgin Islands and domiciled in Hong Kong, with 8.79 million shares of IBIT disclosed. - How big is Laurore’s IBIT investment?
The company reported $436.2 million in IBIT stock as of December 31, 2025. - Reported to be held only by IBIT Laurore?
Yes, the 13F filing lists IBIT as the only disclosed asset. - Why did this application attract attention?
This is because low-roll offshore structures and concentrated bets are fueling speculation about cross-border capital seeking regulated Bitcoin exposure.
