Today I saw that Daiwa Securities, which manages over $240 billion in assets, established a new position in Q4 2025 by purchasing 1.9 million shares of $IBIT and 1.9 million put options on $IBIT for the first time.

In plain language, Daiwa Securities bought 1.9 million shares of IBIT, then worried that $BTC might decline, and hedged by buying the same 1.9 million put options.
This is a common protective hedging strategy, holding a long position in assets while hedging against price declines with put options. If Bitcoin's price drops, IBIT's value decreases, but the value of the put options rises, partially or fully offsetting the loss.
This time, it really feels like Daiwa Securities is tentatively establishing exposure to Bitcoin.
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