BREAKING: Chinese-linked institutions may have quietly found a backdoor route to gain Bitcoin exposure through U.S. regulated markets.
A newly surfaced entity in the latest 13F filings has disclosed ownership of approximately 8.8 million IBIT shares, valued at nearly $436 million.
What’s drawing attention is the unusual structure behind this buyer.
The firm has:
No official website
No previous SEC filing record
No disclosed holdings beyond IBIT
Its entire reported portfolio consists solely of Bitcoin exposure via BlackRock’s ETF.
The filing is signed under the name Zhang Hui and associated with Hong Kong, a jurisdiction frequently used as an offshore gateway for accessing U.S. financial instruments.
Given that mainland Chinese capital faces restrictions in directly accessing cryptocurrency markets, offshore ETF-based exposure remains one of the few viable regulatory-compliant pathways.
While the original source of capital remains unconfirmed, the combination of:
Large-scale allocation
Single-asset portfolio structure
Minimal public presence
is precisely why this disclosure is attracting scrutiny.
If the setup functions as suspected, it may signal that early-stage Chinese institutional capital has begun positioning into Bitcoin indirectly through U.S.-listed ETFs.
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