Michael Burry Closes Fund – What's Happening with Scion Asset Management?

In November 2025, Michael Burry, the investor famous from the book and movie “The Big Short,” took a historic step—he closed his hedge fund, Scion Asset Management. This decision, made after years of managing the portfolio, signals a significant turning point in the investor’s career and reveals an aggressive strategy Burry developed in anticipation of market crises.

The End of the Traditional Hedge Fund Era

According to BlockBeats, Michael Burry deregistered Scion Asset Management with the U.S. Securities and Exchange Commission (SEC) on November 13. The investor himself confirmed the news by posting a photo of the deregistration documents on social media. A letter to Scion investors dated October 27, informing them of the fund’s closure, quickly circulated within industry circles, though the authors did not confirm the authenticity of the document publicly.

Deregistering with the SEC opens a new chapter—Michael Burry plans to convert Scion into a family office, a private fund managing wealth for his family and select investors. This structure allows him to avoid the strict regulatory requirements of the SEC while maintaining full autonomy over investment decisions.

Spectacular Strategy: Billion-Dollar Put Options on Nvidia and Palantir

A pivotal moment occurred on November 4—when the Form 13F was published, revealing institutional investors’ holdings. The document showed that Michael Burry not only foresaw a market bubble but actively opposed it through aggressive short positions. The scale of this involvement was shocking: 80% of the fund’s assets were in put options (the right to sell shares at a specified price).

Particularly notable was his position on Palantir—Michael Burry invested approximately $912 million in put options on the company, equivalent to about 5 million shares. Additionally, he allocated $186 million to put options on Nvidia. The magnitude of this commitment is reflected in the nearly $9.2 million spent on Palantir put options that expire in early 2027. This long-term outlook suggests Burry believes in a significant correction in the prices of both companies in the coming years.

The Next Chapter in Investing—What Can We Expect?

Michael Burry hinted that he will announce important information about Scion’s future on November 25, though details remain unknown. Transforming the fund into a family office may not mean the end of his investing activity, but rather a change in management structure. History shows that the investor never abandons his convictions—and his current positions suggest deep concerns about overvaluation in the tech market.