Chinese institutions may have found a way to get exposure to Bitcoin.
And a brand new entity that appeared in yesterday’s 13F filings is raising serious questions around that possibility. The firm disclosed about 8.8 million IBIT shares worth $436 million.
What stands out is the structure behind the buyer.
There is no public website, no prior SEC filing history, and no disclosed positions other than IBIT.
The entire reported portfolio is just one holding: Bitcoin exposure through BlackRock’s ETF.
The filing is signed under the name Zhang Hui and linked to Hong Kong, a jurisdiction often used as an offshore route to access U.S. financial products.
Since mainland Chinese capital cannot directly access crypto markets, regulated ETF exposure through offshore vehicles becomes one of the few available pathways.
There is no confirmation yet on the capital source.
But the size, the single-asset allocation, and the lack of public footprint are why this filing is getting attention.
If this structure is what it appears to be, it could indicate early institutional Chinese capital have started to position into Bitcoin through U.S. ETFs.