# Read Scion's put-option filing correctly

> The reported NVIDIA and Palantir values describe underlying shares, not the premiums paid for options.

Source: https://fullbytedeveloper.com/blog/read-scion-put-option-filing
Originally posted: 2025-12-06
Published here: 2026-11-06

Scion Asset Management's third-quarter 2025 information table lists put positions covering one million NVIDIA shares and five million Palantir shares. The corresponding reported values are $186.58 million and $912.1 million, totaling about $1.1 billion. [1]

## What that value means

The SEC's Form 13F instructions require those option entries to describe the underlying securities. The total therefore does not establish that Scion paid $1.1 billion in option premiums. The original social caption's description of a billion-dollar bet needs that distinction. [2]

## What the filing leaves out

The information table does not give the option strikes, expiration dates or purchase premiums. It also does not establish why the manager held each position. Reading a valuation-bubble argument into the rows would require another source.

A quarterly filing is a snapshot for its reporting period. It cannot tell you whether the same positions remain open today.

When a headline quotes a large options number, find the underlying filing and its reporting rules before interpreting the amount. This page explains the disclosure; it does not recommend a trade.

## Sources

1. [Scion third-quarter 2025 information table](https://www.sec.gov/Archives/edgar/data/1649339/000164933925000007/xslForm13F_X02/infotable.xml)
2. [SEC Form 13F instructions](https://www.sec.gov/pdf/form13f.pdf)

## Original posts

- [Instagram post](https://www.instagram.com/fullbytedeveloper/p/DR7dCpTjMJk/)