Today, we saw that Daiwa Securities, which manages over $240 billion in assets, established a new position of 1.9 million shares of $IBIT and 1.9 million put options on $IBIT in the fourth quarter of 2025. This is Daiwa Securities' first purchase. In simpler terms, after buying 1.9 million shares of IBIT, Daiwa Securities, concerned about a potential drop in $BTC, hedged by buying the same number of put options. This is a common protective hedging strategy, holding a long position in an asset while simultaneously hedging against 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 increases, thus partially or completely offsetting the loss. This strongly suggests that Daiwa Securities is tentatively establishing exposure to Bitcoin. @bitget VIP, lower fees, better benefits