Today, I saw that Daiwa Securities, which manages over $240 billion in assets, opened a new position in Q4 2025 with 1.9 million shares of IBIT and 1.9 million shares of IBIT put options (PUT). This is Daiwa Securities' first purchase. In simple terms, Daiwa Securities bought 1.9 million shares of IBIT but is worried that BTC might drop, so they hedged by buying the same 1.9 million shares of put options. This is a common protective hedging strategy—holding a long position in assets while using put options to hedge against the risk of price drops. If Bitcoin's price falls, the value of IBIT decreases, but the value of the put options will rise, partially or fully offsetting the losses. This really feels like Daiwa Securities is testing the waters with Bitcoin exposure. @bitget VIP, lower fees, better perks.