/biz/ - Business & Finance

Hudson Bay Capital Management inherited Archegos' swap positions. They disclosed that they're the counterparty for the Archegos swap. They went long bobby because it's in the swap as a long hedge against their Gamestop short among others.
https://www.courtlistener.com/docket/63266305/24/commodity-futures-trading-commission-v-archegos-capital-management-lp/
Note the citation of Hudson Bay Capital Management's form ADV along with the statement about the CFTC 'not supporting the claim that counterparties were requiring them to short individual names or baskets', meaning Archegos' counterparty Hudson Bay Capital Management is the one making that claim that they required the shorting of individual names while the CFTC says they can't confirm it. Hudson bay required shorting on individual names, then they inherited the positions after Archegos blew up. They then moved in to adopt the long positions of Archegos as an attempt to stabilize it against the failed short positions.