Big Short’s Michael Barry offers $ 31m against crypto-friendly ARK Invest

Michael Barry’s famous hedge fund, Scion Asset Management, is set to become the 2nd largest hedge fund in the end of the quarter, it bought bear put contracts against 235,500 shares of ARK Invest’s (ARKK) flagship exchange traded fund (ETF).

The position was worth about $ 31 million, according to a report by Scion from the U.S. Securities and Exchange Commission (SEC) on Monday.

The put contract gives Scion the right to sell Arck shares at a pre-agreed price on a certain date. If the value of ARK Innovation Shares falls below the threshold before the options expire, the hedge fund could sell them profitably.

The fund’s largest position is in Tesla Ilona Musk, with a weighting of over 10%. It is accompanied by the likes of Coinbase and Jack dorsey Square, which weigh 4.96% and 4.26% respectively.

Among Dec’s other top options is Twitter, which earlier this year said it was also considering investing in bitcoin.

This gives Katie Wood a strong influence on bitcoin, as both Tesla and Coinbase keep the cryptocurrency on their balance sheets.

Arck, which is listed on the NYSE Arca, fell 2.6% to $ 116.98 at the end of trading on Monday due to a broad fall in shares of tech companies. Tesla fell 4.32% since U.S. auto safety regulators on Monday launched a formal investigation into the firm’s Autopilot system.

ARK Invest attracts new Bears
Michael Barry’s recent bet against ARKK probably stems from his previous statements that Tesla’s valuation was unsustainable.

He also drew parallels between the hype around Tesla and the bubbles of dotcoms and households decrying it, telling shareholders to “enjoy it as long as it takes.”& quot;

Monday June’s filing showed scion Asset Management had a downward trend of about 1.1 million shares of Tesla worth $ 731 million. That leaves the firm managing 35 per cent of its assets at more than $ 2bn (AUM), a 34 per cent increase over the first quarter.

Berry, who became famous after being immortalized

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