Yes, put is a Scrabble word!

Verb

1. Put into a certain place or abstract location

2. Cause to be in a certain state; cause to be in a certain relation

3. Formulate in a particular style or language

4. Attribute or give

5. Make an investment

6. Estimate

7. Cause (someone) to undergo something

8. Adapt

9. Arrange thoughts, ideas, temporal events

Noun

1. The option to sell a given stock (or stock index or commodity future) at a given price before a given date