Published: November 13, 2025
Michael Burry, the “Big Short” investor, has de‑registered Scion Asset Management with the U.S. Securities and Exchange Commission (SEC), with the SEC’s database showing the firm’s registration status as “Terminated” effective November 10, 2025. The move, reported overnight and picked up widely today, lands just days after Scion’s latest quarterly holdings disclosure and fresh public comments from Burry. [1]
What happened
An entry on the SEC’s Investment Adviser Public Disclosure (IAPD) page for Scion Asset Management, LLC lists the firm’s registration as terminated on Nov. 10, 2025. The news was flagged in market coverage late Wednesday/early Thursday, adding official detail to social‑media chatter that Burry had pulled his firm’s advisory registration. [2]
Armenia‑based outlet Azat TV also summarized the development today, noting the deregistration and the immediate speculation that Scion could transition into a family‑office structure that entails fewer public disclosures. [3]
Why it matters
Deregistering an investment adviser requires filing Form ADV‑W, the formal notice of withdrawal under SEC rules. Once an adviser withdraws, it no longer files the same public brochures (Form ADV Parts 1/2) that investors and reporters often mine for strategy changes, fees, and conflicts. If Burry is converting Scion into a family office—an entity that manages a single family’s wealth—SEC rules exclude qualifying family offices from investment‑adviser registration altogether, which would significantly reduce ongoing public reporting. [4]
That said, Form 13F is a separate requirement: institutional investment managers who meet the $100 million threshold in reportable securities still must file quarterly holdings with the SEC, even if they’re exempt from investment‑adviser registration. The SEC’s staff guidance clarifies that once you hit the threshold during a calendar year, filings continue on the set schedule, regardless of later changes in status. If Scion/any successor remains over the threshold, some holdings could still appear in future 13F reports. [5]
The near‑term timeline
- Nov. 3, 2025: Scion filed its Q3 Form 13F, signed by Michael J. Burry, disclosing positions as of Sept. 30. [6]
- Nov. 10, 2025: SEC IAPD shows Scion’s registration terminated. [7]
- Nov. 12–13, 2025: Market outlets, including Investing.com, report Burry has de‑registered Scion Asset Management. [8]
Burry’s recent signals (and that Nov. 25 hint)
Burry has been unusually active online in recent weeks. In a widely shared post on X (formerly Twitter) he pushed back on media interpretations of Scion’s options disclosures and said the Palantir trade referenced in the 13F “was done last month,” adding: “On to much better things Nov 25th.” The message has fed speculation that a new venture, format, or announcement is coming later this month. [9]
Context: the AI shorts that stirred the pot
Scion’s Q3 13F showed large put positions tied to Palantir (about $912 million notional) and Nvidia (about $187 million notional)—positions that sparked headlines, a sharp rebuttal from Palantir’s CEO Alex Karp, and Burry’s own follow‑ups on X about how to read a 13F. (A 13F reveals gross notional exposures, not the cash premium spent or current positioning after quarter‑end.) [10]
Could Scion become a family office?
Today’s coverage—and Burry’s sparse comments—have led many to infer a pivot toward a family‑office model. Under the SEC’s Family Office Rule (Rule 202(a)(11)(G)‑1), entities that exclusively advise “family clients,” are wholly owned and controlled by the family, and don’t hold themselves out to the public are excluded from investment‑adviser regulation. If Scion fits that definition going forward, the firm would not be required to maintain SEC adviser registration—which aligns with what the IAPD now reflects. [11]
What changes for public visibility
- Fewer ADV filings: No more public Form ADV brochures once de‑registered (those end when the adviser withdraws via ADV‑W). [12]
- 13F may still appear: If Burry (or any successor vehicle) continues to manage $100 million+ in reportable securities, 13F filings can still be required, which means some positions could remain visible on a lag. [13]
- Client communications: Market reports today mention a letter to investors dated Oct. 27 circulating online and describing a wind‑down; Investing.com notes it couldn’t verify the authenticity of that letter. [14]
What to watch next
- November 25: Burry’s public “Nov. 25” tease suggests a reveal—whether that’s a family‑office formalization, a new publication, or a fresh investing initiative. [15]
- Next SEC filings: If required, the Q4 2025 13F (due mid‑February 2026) would be the first view of any positions as of December 31, after the deregistration date. The SEC’s FAQ explains how the threshold rules work even after status changes. [16]
- Market impact around AI bellwethers: Given the public back‑and‑forth around Palantir and Nvidia, any confirmation of closed or adjusted positions could swing short‑term sentiment. [17]
Key takeaways
- Scion Asset Management’s SEC adviser registration terminated Nov. 10, 2025, per the SEC’s IAPD. [18]
- Major outlets highlighted the deregistration overnight and this morning; Investing.com led early coverage. [19]
- Burry has hinted at a Nov. 25 announcement and criticized media readings of Scion’s 13F options disclosure. [20]
- Switching to a family‑office framework would end ADV‑style public disclosures; 13F obligations can still apply based on assets under management. [21]
- Azat TV echoed today’s reports and the family‑office angle, keeping the story in broader circulation. [22]
Editor’s note: This article is based on public regulatory records and same‑day reporting. It does not constitute investment advice.
References
1. adviserinfo.sec.gov, 2. adviserinfo.sec.gov, 3. azat.tv, 4. www.law.cornell.edu, 5. www.sec.gov, 6. www.sec.gov, 7. adviserinfo.sec.gov, 8. www.investing.com, 9. x.com, 10. markets.businessinsider.com, 11. www.sec.gov, 12. www.sec.gov, 13. www.sec.gov, 14. www.investing.com, 15. x.com, 16. www.sec.gov, 17. markets.businessinsider.com, 18. adviserinfo.sec.gov, 19. www.investing.com, 20. x.com, 21. www.sec.gov, 22. azat.tv
