2: It's just word. In a months' time, BTCINVEST's NAV have dropped from 0.33 to 0.23, a 43% in decline. About the risk hedging part, would you be able to further explain the meaining of this sentence? (Would be better if replied with English)
I'll answer in English 
BTCINVEST takes on more risk relatively. BTCINVEST started off as 0.1. When you look at it from when we started, BTCINVEST has grown 270%+ including dividends.
CoinLenders has also exercised a private PUT option on 100 ASICMINER shares for 3 BTC each.
BITINVEST投资在更高风险的资产（更多的股票）上，你的其它BTC投资在较低风险的资产上（债券，借款，套利），是这个意思吗？这没什么问题。
我想你做空100 ASICMINER的目的是对冲贷款抵押在你手里的ASICMINER下跌的风险，这很好，其实我并不太担心Coinlenders的贷款出问题。问题是Coinlenders有多少比例的资金是贷款，多少比例用于投资？如果这部分投资出现重大损失，会不会资不抵债？