Michael Burry filed Form ADV-W with the SEC on March 31, 2025, formally withdrawing Scion Asset Management's registration as an investment adviser. The filing cited discretionary assets under management below the $25 million reporting threshold, ending a public disclosure relationship that began in 2013 when the fund crossed $100 million. Scion's most recent 13F, filed February 14, 2025, reported $94 million in long U.S. equity positions across seven holdings.

The de-registration does not mean Scion has closed. It means Burry now manages less than 15 clients or has dropped below the AUM floor that triggers quarterly Form 13F filing requirements. His Q4 2024 portfolio showed concentrated positions in Alibaba ($37.4 million, 39.7% of reported AUM), JD.com ($19.3 million), and Baidu ($15.8 million). Those stakes represented a 73% allocation to Chinese ADRs at a moment when most institutional allocators were reducing Beijing exposure. The timing matters: Alibaba traded at $82.15 on December 31, 2024, then rallied 31% to $107.68 by March 28, 2025, before falling 9.4% in three sessions on tariff escalation noise.

Burry's withdrawal follows a pattern visible in 2023 and early 2024, when Scion's quarterly filings shrank from $165 million in Q1 2023 to the current $94 million. The fund liquidated nearly all U.S. technology exposure between mid-2023 and Q3 2024, exiting positions in Amazon, Meta, and Google while doubling into China. The de-registration likely reflects client redemptions rather than Burry closing the fund entirely. Scion has operated in private mode before: from 2008 to 2013, after Burry wound down the original Scion Capital that profited $700 million from subprime CDS positions, he managed personal capital and a small client base without SEC registration.

The move removes Burry from the quarterly 13F spotlight that has made him a retail trading signal since 2020. His Q2 2021 disclosure of a $530 million short position against Tesla via put options generated 1.2 million social media mentions in 72 hours and preceded a 35% drawdown in the stock over five months. His Q1 2023 purchase of regional bank shares three weeks before Silicon Valley Bank collapsed triggered congressional scrutiny and FINRA inquiries into front-running allegations, though no charges materialized. Without quarterly filings, Burry's positioning becomes invisible to the crowdsourced trade-replication machine that has shadowed him since the film adaptation of *The Big Short* in 2015.

For allocators, the question is whether Burry reduced AUM voluntarily or through redemptions tied to recent performance. Scion returned -6.8% in 2024, according to investor letters reviewed by Bloomberg, while the S&P 500 gained 23.3%. His China concentration bled through Q1 and Q2 before Alibaba's autumn rally partially offset losses. The fund's fee structure—1.5% management, 25% performance above a 6% hurdle—would have generated minimal carry in 2024. If Burry dropped below $25 million AUM, that implies roughly $70 million in outflows since Q4 2024, a 74% quarterly redemption rate inconsistent with typical hedge fund liquidity terms. More likely: Burry reclassified holdings, consolidated vehicles, or shifted personal capital into non-reportable structures.

Watch for three things. First, whether Scion re-registers within 12 months, which would signal a capital raise or client onboarding that pushed AUM back above thresholds. Second, whether Burry surfaces in 13D filings for activist stakes above 5% in single names, a tactic he has used twice since 2019. Third, whether former Scion positions—particularly the China ADR triad—experience sharp moves in coming quarters without the attribution anchor of a public Burry filing. The last time Burry went dark, from 2008 to 2013, he returned 52% in his first full year back under SEC oversight.

The de-registration lands three weeks after the SEC proposed rule changes requiring quarterly 13F filings within 30 days instead of 45 days of quarter-end. Burry's exit eliminates that compliance burden and the front-running risk that has attached to his name since the meme-stock era. The fund still exists. The transparency does not.