Chinese-linked Laurore Ltd. holds $436 mln stake in BlackRock IBIT as U.S. Bitcoin ETF AUM falls

BlackRock's IBIT Spot Bitcoin ETF 13F filing revealed Laurore Ltd. as a new holder with a $436 million Bitcoin position, which Bitwise's Jeff Park links to Chinese investors using an offshore structure. While Hong Kong spot Bitcoin ETFs manage 3,870 BTC worth about $264.9 million, U.S. institutional spot ETF NAV totals 682,830 BTC valued at $54.49 billion, even after a 66.6% drop in AUM since Bitcoin's October 2025 peak. Institutional sentiment remains cautious as large holders continue selling, putting further pressure on Bitcoin's price outlook.