Today, I saw that Daiwa Securities, which manages assets exceeding $240 billion, established a new position of 1.9 million shares of $IBIT and 1.9 million shares of put options in the fourth quarter of 2025. This is Daiwa Securities' first purchase.

In simple terms, Daiwa Securities bought 1.9 million shares of IBIT because they were concerned that $BTC would fall, and then they hedged by buying the same amount of put options.

This is a common protective hedging strategy, holding a long position in an asset while mitigating the risk of price declines through put options. If the price of Bitcoin falls, the value of IBIT decreases, but the value of the put options will increase, thus partially or fully offsetting losses.

This time, it really feels like Daiwa Securities is tentatively establishing an exposure to Bitcoin.

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