Insider Collar: Magnetar Funds Hedge 458,905 CoreWeave (CRWV) Shares
Rhea-AI Filing Summary
CoreWeave, Inc. (CRWV) reported that entities affiliated with Magnetar entered into a collar on 08/18/2025 covering Class A common stock. The arrangement consists of written covered call options with a $180 strike and purchased put options with a $75 strike, each expiring 09/18/2026. The reported positions cover three funds: Magnetar Xing He Master Fund Ltd (232,434 shares), Purpose Alternative Credit Fund - F LLC (187,241 shares) and Purpose Alternative Credit Fund - T LLC (39,230 shares), all held indirectly. The filing clarifies ownership and disclaimers by the reporting entities.
Positive
- Hedging strategy implemented: The collar provides downside protection via purchased puts at $75 while allowing some upside participation up to $180.
- Clear disclosure of reporting chain: The filing names each affiliated entity and includes explicit disclaimers of beneficial ownership except for pecuniary interest.
Negative
- Obligation to sell if calls end in-the-money: Written covered calls at $180 create an obligation to transfer shares if exercised at expiration.
- Positions remain outstanding until 09/18/2026: The hedge and sale obligations persist until the stated expiration date, maintaining market exposure until then.
Insights
TL;DR: Magnetar-affiliated funds established a large collar on CRWV shares, locking in downside protection and capping upside through Sept 18, 2026.
The collar combines purchased puts at $75 and written covered calls at $180 across a total of 458,905 underlying Class A shares split among three funds. This is a hedging structure that protects against downside below $75 while creating an obligation to sell if the stock exceeds $180 at expiration. The positions are reported as indirect ownership and tied to specific funds, with clear disclaimers of beneficial ownership beyond pecuniary interest. For investors, this indicates active risk management by significant stakeholders but does not itself change outstanding share count until any option is exercised.
TL;DR: Insiders used a structured collar; disclosure clarifies reporting chain and disclaimers but indicates material insider hedging activity.
The filing names Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman and details their relationships. Signatures are provided via attorney-in-fact. The disclosure properly identifies each reporting person and the indirect nature of the holdings, satisfying Section 16 transparency expectations. This is a routine but material insider transaction disclosure given the size of the positions relative to a single reporting event.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call option (obligation to sell) | 232,434 | $3,486,510.00 | $810.38B |
| Purchase | Put option (right to sell) | 232,434 | $4,067,595.00 | $945.45B |
| Sale | Call option (obligation to sell) | 187,241 | $2,808,615.00 | $525.89B |
| Purchase | Put option (right to sell) | 187,241 | $3,276,717.50 | $613.54B |
| Sale | Call option (obligation to sell) | 39,230 | $588,450.00 | $23.08B |
| Purchase | Put option (right to sell) | 39,230 | $686,525.00 | $26.93B |
Footnotes (1)
- The entity holding the underlying shares of Class A common stock (the "Common Stock") of CoreWeave, Inc. entered into a collar arrangement pursuant to which such entity wrote a covered call option and purchased a put option. Only one of the options can be in-the-money on the expiration date, at which time the in-the-money option will be exercised and settled in shares and the other option will expire. If neither option is in-the-money on the expiration date, both options will expire. Magnetar Financial LLC ("Magnetar Financial") serves as the investment adviser to each of Magnetar Xing He Master Fund Ltd, Purpose Alternative Credit Fund - F LLC and Purpose Alternative Credit Fund - T LLC (collectively, the "Magnetar Funds"). Magnetar Capital Partners LP ("Magnetar Capital Partners") is the sole member and parent holding company of Magnetar Financial. Supernova Management LLC ("Supernova Management") is the general partner of Magnetar Capital Partners. The manager of Supernova Management is David J. Snyderman, a citizen of the United States of America. Each of the Magnetar Funds, Magnetar Financial, Magnetar Capital Partners, Supernova Management and David J. Snyderman disclaims beneficial ownership of these shares of Common Stock of the Issuer, except to the extent of its or his pecuniary interest therein. These securities are held directly by Magnetar Xing He Master Fund Ltd. These securities are held directly by Purpose Alternative Credit Fund - F LLC. These securities are held directly by Purpose Alternative Credit Fund - T LLC.
