The SPV thing has been known for months though; here's Matt Levine talking about it in his inimitable way last October: https://www.bloomberg.com/opinion/newsletters/2025-10-29/put... (https://archive.md/A40Fv)

Maybe what's become more public is the scale of these SPVs, but Matt Levine's writing makes it seem like a sensible thing to do given the $$$ amounts involved.