If I were a detective in the crypto world, this story would definitely make it into the top 10 most interesting cases. It all started when a fictitious company, Laurore Ltd., suddenly appeared with a position of $436 million in a Bitcoin ETF from BlackRock. A Hong Kong address, a phone number, and a director named Zhang Hui—so common in China as John Smith is in the West. The crypto community immediately raised the alarm.

Naturally, questions arose right away: who are these people? Where is that kind of money coming from? Jeff Park from ProCap immediately said it smelled like capital flight from the mainland. Even Bloomberg analysts admitted they couldn’t make sense of this puzzle. But the most interesting part began when CoinDesk journalists decided to verify the Hong Kong address listed in the filing to the SEC.

Surprise: the address turned out to belong to a completely different company—Avecamour Advice Ltd. Laurore was not even officially registered in Hong Kong. That’s when the situation began to take truly mysterious turns. A representative for Laurore finally broke the silence, but shared practically nothing: the owner prefers to stay in the shadows.

Then analysts dug deeper. It turned out that Avecamour Advice is wholly owned by Avecamour Ltd. from the British Virgin Islands. And in the Hong Kong Companies Registry documents, the same Zhang Hui is listed—with a mainland China passport prefix. He is also the only director of Avecamour Advice, registered in March 2025. There are practically no other details about either company.

A representative for Laurore admitted that the owner of Laurore is the same director of Avecamour—that is, Zhang Hui. But he still didn’t disclose any details about him or the company structure. He only said that the main sum is aiming to stay under the radar, and that the IBIT position is simply a personal investment choice. It’s fair that Form 13F filings don’t require disclosing ultimate owners, and major investors often use multiple legal structures for confidentiality.

So what does all of this actually mean? There are several possibilities. First, it could be a classic capital flight from the mainland through Hong Kong—transferring funds to offshore assets to get around domestic restrictions. Second, Laurore might just be part of a larger cluster of funds or family offices under the umbrella of a Hong Kong company. In that case, the logic is simpler: local Bitcoin ETFs on HKEX have low liquidity and high fees, so the Hong Kong fund chose an American IBIT with far better terms for institutional investors.

It’s fascinating to watch how the crypto market attracts capital from unexpected sources. The current BTC price at $76.82K shows that demand for Bitcoin as an asset remains stable. But the identity of Laurore and its mysterious main sum are still as unknown as Satoshi Nakamoto. The case is closed, but there are more questions than answers.