Bitcoin Bull Cathie Wood Attracts Big Short Michael Burry To ARK Innovation ETF

After overcoming the subprime mortgage catastrophe, Michael Burry now sets his sights on ETF ARK’s flagship invention from Bitcoin Bull Cathie wood, which finances companies like Square, GBTC, and Tesla. The “Big Short Movie” lead character Michael Burry takes a major temporary stand against ARK, the ETF innovation of Cathie Wood. As stated by second quarter 13 fillings, Michael Burry’s investment fund “Scion Asset Management” bought up to $31million bearish put options against the ETF 235,000 shares. The best way to profit when there is a decrease in the fund or stock value is through “PUT” options. ARK’s largest fund, Innovation ETF, is financed with $22.62 billion in assets. Its purpose is to finance various troublesome tech companies such as Coinbase, Square, Grayscale Bitcoin Trust, and Tesla. According to the second quarter 13 filings, other firms apart from Bury have also reduced the ARK’s flagship funds. Related Reading | Microsoft To Fight Piracy With Ethereum, Introduces Project Argus For instance, up to $171 million put options are held by Laurion against the 1.3M shares of Cormorant Asset Management, Moore Capital Management, and Golden Tree Asset Management’s extensive bearish positions. However, Cathie Wood seems to enjoy this challenge, according to her Twitter post. “To Michael Burry’s credit, his decision was sound based on the basics as well as the brewing crisis in the mort...