Michael Burry of ‘Big Short’ Makes $31 Million Bet Against Crypto-Friendly ARK Invest

From decrypt.co

Scion Asset Management, Michael Burry’s famed hedge fund, bought up bearish put contracts against 235,500 shares of the ARK Invest’s flagship Disruptive Innovation (ARKK) exchange-traded fund (ETF) at the end of Q2 2021. The position was valued at almost $31 million, according to a filing with the U.S. Security and Exchange Commision (SEC) submitted by Scion on Monday. A put contract gives Scion the right to sell ARKK stock at a previously agreed price before a certain date. If the value of the ARK Innovation’s shares drop below the threshold before the options expire, the hedge fund can sell them for a profit. ... (full story)