Burry Shuts Scion Registration, Eyes Next Act

What happened, and why it matters

Michael Burry, known for “The Big Short,” has shut Scion’s registration with regulators, removing the fund from U.S. adviser reporting. The SEC’s database shows Scion Asset Management’s registration status terminated as of Nov. 10, 2025, meaning the firm is no longer required to file routine disclosures with the SEC or states. Burry also posted that he is moving on to “much better things” later in November, signaling a pivot away from managing outside money.

What deregistration changes

Deregistration converts Scion from a registered adviser into an entity that operates outside the SEC’s periodic filing regime, often a precursor to a family-office style structure that manages primarily proprietary capital. As of Scion’s last public tally in March, the firm managed roughly $154–$155 million, a size that had kept its quarterly equity positions in focus for traders scanning 13F filings for contrarian signals. With registration terminated, those disclosures will cease.

The message from Burry

Burry amplified the filing by sharing an image of Scion’s status and a teaser for an announcement around late November, a timing he characterized as a step toward “better things.” While he did not detail the plan, coverage across financial outlets framed it as a shift away from public fund reporting, consistent with Burry’s periodic retreats from client capital after major cycles.

Reading the market backdrop

The move lands after a two-year stretch in which AI-linked megacaps led U.S. equities, a run Burry has criticized on valuation and accounting grounds. He has flagged risks in capitalizing AI infrastructure costs, and he has intermittently used listed options to express cautious views on marquee tech names. Whatever the next act entails, the decision to step outside routine reporting reduces the real-time visibility investors once had into Scion’s positioning.

Pattern, not precedent

This is not Burry’s first pivot. He returned capital in 2008 after profiting from subprime bets, then later restarted operations under the Scion Asset Management banner. A fresh deregistration now fits a broader pattern of high-profile short sellers and skeptics stepping back from public structures during exuberant markets, a cohort that has included figures from research boutiques and hedge funds that faced shrinking borrow liquidity and louder pushback.

What Burry’s exit could mean for followers

Traders who mirrored Scion’s disclosed positions will lose a data source when 13F-style holdings stop appearing. The attention those filings drew sometimes amplified moves in smaller securities. Without that window, the signal around Burry’s strategy will likely come via occasional commentary and any public corporate disclosures tied to ventures he joins next, rather than from recurring regulatory reports.

Where Scion stood before the switch

Scion’s last reported assets were in the mid-$150 million range, down from peak periods when the firm ran larger equity books and special-situations trades. In recent quarters Burry’s commentary spanned skepticism on AI multiples and clarifications around put-option sizes that some outlets had overstated, reminders of how quickly narratives can outpace filings. Those debates may now shift to interpretation of posts, not positions.

The compliance angle in plain terms

An adviser that terminates registration is no longer an SEC-registered investment adviser and therefore does not file Form ADV updates, annual amendments, or routine examination responses, as long as it does not hold itself out as managing client assets that would trigger registration. If Scion transitions to an exempt or family-office model, obligations would be narrower and more private, which is common for principals who prefer flexibility and limited disclosure.

How investors should frame the signal

For portfolio managers, the development is a change in transparency, not necessarily a change in views. Burry’s thesis on parts of the market, including AI-heavy tech, remains well telegraphed. The practical takeaway is that a widely watched contrarian barometer is going quiet on filings, which may reduce the headline sensitivity around quarterly disclosure days, while intensifying the focus on broader valuation debates that Burry has highlighted.

The headline words, reflected in context

In market shorthand, observers summarized Wednesday’s shift as “Burry shuts Scion registration, eyes next act.” That captures the mechanics, deregistration at the SEC, and the narrative, a pivot toward a new, less public structure, with details expected later in the month. The phrase aligns with how desks explained the filing to clients without implying confirmation of any specific new vehicle.

Bottom line

Michael Burry has deregistered Scion Asset Management, ending routine SEC reporting and signaling a new chapter that may look more like a family-office platform. The immediate impact is less disclosure, the broader theme is continuity in his contrarian stance while he plots his next act.