- Laurence Ltd. is the largest buyer of BlackRock’s Bitcoin ETF IBIT in Q4 2025.
- Jane Street and Mubadala also report very large IBIT holdings, although market maker positions do not automatically mean real Bitcoin accumulation.
New 13F disclosures and a Bloomberg overview of the ownership structure of BlackRock’s spot Bitcoin ETF IBIT show who reported the largest purchases in the fourth quarter of 2025. What is striking is, on the one hand, the density of US banks and institutions, and on the other hand, a name that no one knows: Laurore Ltd.
The mysterious top buyer of BlackRock’s Bitcoin ETF
Laurore Ltd appears in first place among acquisitions as the new major holder. Jeff Park (ProCap CIO and Bitwise Advisor) wrote in addition:
“Something caught my eye in the latest 13F filings. The biggest new entrant into IBIT is something called Laurore Ltd. No website, no press, no trace.”
Park points out in his post that “Zhang Hui” appears as the submitter and that the entity is Hong Kong-based. He also argues that the name “Zhang Hui” was deliberately chosen to be generic and that the “Ltd” structure could indicate an offshore company that provides a Chinese entity with access to US markets and thus enables Bitcoin exposure via a regulated ETF rather than crypto exchanges.
Park’s conclusion is:
“Why would you do that? Because Chinese investors are not allowed to hold Bitcoins. This could be an early sign that Chinese institutional capital is flowing into Bitcoin, […] about a BlackRock ETF that is registered with the SEC in a regulated jurisdiction and is hiding in a place that seems as transparent and opaque as one can imagine.”
Bloomberg ETF analyst James Seyffart underscored how difficult it is to classify: “I tried to figure it out for almost an hour this morning… I found absolutely nothing.”
Jane Street buys Bitcoin, but…
Second on the list is investment giant Jane Street. However, Nik Bhatia (founder of The Bitcoin Layer) provided the reason why the Bitcoin community should not be too euphoric via X:
“Jane Street holds IBIT so she can write options, do arbitrage, and do everything a quantitative trading shop does to make money quickly. Markets run in two directions – and pros make money on the way up as well as the way down.”
Michael Green (Chief Strategist and Portfolio Manager at Simplify Asset Management) warned in a similar vein, before too bullish interpretation of the IBIT stock:
“Jane Street may have a position in IBIT, but that position is most likely almost entirely offset by undisclosed options (on IBIT) and futures positions. They are certainly not ‘accumulating’ a Bitcoin position – that’s how market making works.”
Outside the table, two reports from the Abu Dhabi area are particularly noticeable. The Q4-13F data reports report Mubadala as having 12,702,323 IBIT shares as of December 31, 2025, valued at approximately $630.6 million, an increase of approximately 46% from previously reported levels.
Very important one.
In a filing today, sovereign wealth fund Mubadala reported owning 12.7 million shares of IBIT valued at $630.6 million as of December 31.
That’s a 46% increase from 8.7 million shares previously reported as of September 30.
Filing:https://t.co/vSlYJOg8T7
— MacroScope (@MacroScope17) February 17, 2026
Al Warda Investments reported 8,218,712 IBIT shares at the end of the year, up from 7,963,393 shares valued at $517.6 million as of September 30 – a slight increase. In total, both addresses in the data have an IBIT exposure of well over $1 billion as of the reporting date.
The Top 10 in Q4 2025
Behind Laurore Ltd. and Jane Street, the Bloomberg data show Emirates of Abu Dhabi United Arab Emirates in third place with 12,702,323 shares (≈ 630.6 million US dollars). Behind them is 59 North Capital Management LP with 2,601,533 shares (≈ 129.2 million US dollars) and Blackrock Inc with 12,771,336 shares (≈ 634.0 million US dollars).
The other major Q4 buyers include Morgan Stanley with 13,440,659 shares (≈ 667.3 million US dollars), Consolidated Portfolio Review Corp with 2,142,185 shares (≈ 106.3 million US dollars), Texas Capital Bank Wealth Management Services with 2,032,648 shares (≈ 100.9 million US dollars), Neos Investment Management LLC with 2,150,607 shares (≈ 106.8 million US dollars) and Daiwa Securities Group Inc with 1,895,000 shares (≈ 94.1 million US dollars).
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