CoreWeave Form 4: Magnetar affiliates dispose of shares, reveal collars
Rhea-AI Filing Summary
Magnetar-related entities disclosed multiple sales of CoreWeave (CRWV) Class A common stock on 08/28/2025, reporting numerous disposals across affiliated funds and vehicles at weighted average prices around $103 per share. The Form 4 shows dozens of non-derivative share dispositions totaling large share counts across individual Magnetar funds and consolidated indirect holdings, with many transactions priced between $102.97 and $103.18.
The filing also reports related collar arrangements: certain entities wrote covered call options and bought put options covering identical share blocks that expire 03/20/2026, with strike prices shown at $175 (call obligations) and $70 (put rights). The reporting persons include Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman, who disclaim beneficial ownership except for pecuniary interest.
Positive
- None.
Negative
- Large, contemporaneous sales by a 10% owner and affiliated funds on 08/28/2025 at ~ $103 per share, which could increase near-term share supply.
- Hedged positions via collars (written calls at $175 and purchased puts at $70 expiring 03/20/2026) cap upside and indicate risk management that may reduce future share retention.
- Multiple affiliated entities executed disposals across numerous funds and vehicles, highlighting concentration of sales within a single shareholder group.
Insights
TL;DR: A major shareholder group executed sizable share sales and holds offsetting collar positions, a material capital structure event for CRWV.
The Form 4 documents extensive dispositions by a 10% owner and affiliated funds on 08/28/2025 at roughly $103 per share, reducing direct holdings across multiple Magnetar vehicles while maintaining indirect aggregated positions. The simultaneous disclosure of written calls and purchased puts forming collars expiring 03/20/2026 indicates a hedged downside protection combined with capped upside for those share blocks. This is material because the sellers are an affiliated, large shareholder group and the transactions change the immediate liquidity and potential near-term supply of shares.
TL;DR: Insider sales by a director/10% owner are highly relevant to governance and shareholder signaling.
The reporting persons include a director and entities that qualify as a 10% owner, which elevates the governance significance of these trades. The filing appropriately discloses disclaimers of beneficial ownership except for pecuniary interest and identifies underlying holders for each tranche. The documented collar strategy and multiple affiliated sellers warrant disclosure scrutiny and may prompt investor questions about long-term alignment and share dilution or supply effects.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call option (obligation to sell) | 176,310 | $1,234,170.00 | $217.60B |
| Purchase | Put option (right to sell) | 176,310 | $1,410,480.00 | $248.68B |
| Sale | Call option (obligation to sell) | 23,115 | $161,805.00 | $3.74B |
| Purchase | Put option (right to sell) | 23,115 | $184,920.00 | $4.27B |
| Sale | Call option (obligation to sell) | 2,390 | $16,730.00 | $39.98M |
| Purchase | Put option (right to sell) | 2,390 | $19,120.00 | $45.70M |
| Sale | Call option (obligation to sell) | 51,527 | $360,689.00 | $18.59B |
| Purchase | Put option (right to sell) | 51,527 | $412,216.00 | $21.24B |
| Sale | Call option (obligation to sell) | 70,741 | $495,187.00 | $35.03B |
| Purchase | Put option (right to sell) | 70,741 | $565,928.00 | $40.03B |
| Sale | Call option (obligation to sell) | 88,673 | $620,711.00 | $55.04B |
| Purchase | Put option (right to sell) | 88,673 | $709,384.00 | $62.90B |
| Sale | Call option (obligation to sell) | 20,035 | $140,245.00 | $2.81B |
| Purchase | Put option (right to sell) | 20,035 | $160,280.00 | $3.21B |
| Sale | Call option (obligation to sell) | 75,428 | $527,996.00 | $39.83B |
| Purchase | Put option (right to sell) | 75,428 | $603,424.00 | $45.52B |
| Sale | Class A Common Stock | 307,164 | $103.15 | $31.68M |
| Sale | Class A Common Stock | 178,714 | $103.18 | $18.44M |
| Sale | Class A Common Stock | 23,429 | $103.18 | $2.42M |
| Sale | Class A Common Stock | 2,421 | $103.18 | $250K |
| Sale | Class A Common Stock | 52,229 | $103.18 | $5.39M |
| Sale | Class A Common Stock | 71,704 | $103.18 | $7.40M |
| Sale | Class A Common Stock | 89,881 | $103.18 | $9.27M |
| Sale | Class A Common Stock | 20,309 | $103.18 | $2.10M |
| Sale | Class A Common Stock | 76,456 | $103.18 | $7.89M |
| Sale | Class A Common Stock | 47,120 | $103.18 | $4.86M |
| Sale | Class A Common Stock | 37,959 | $103.18 | $3.92M |
| Sale | Class A Common Stock | 7,953 | $103.18 | $821K |
| holding | Class A Common Stock | -- | -- | -- |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These securities were sold in multiple transactions at prices ranging from $102.97 to $103.18, inclusive. The reporting person undertakes to provide to CoreWeave, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. Magnetar Financial LLC ("Magnetar Financial") serves as the investment adviser to each of CW Opportunity LLC, CW Opportunity 2 LP, Magnetar Capital Master Fund, Ltd, Magnetar Constellation Master Fund, Ltd, Magnetar Longhorn Fund LP, Magnetar SC Fund Ltd, Magnetar Xing He Master Fund Ltd, Purpose Alternative Credit Fund - F LLC, Purpose Alternative Credit Fund - T LLC, and Longhorn Special Opportunities Fund LP, the general partner of Magnetar Structured Credit Fund, LP and the manager of Magnetar Alpha Star Fund LLC and Magnetar Lake Credit Fund 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 CW Opportunity 2 LP. These securities are held directly by CW Opportunity LLC. These securities are held directly by Magnetar Alpha Star Fund LLC. These securities are held directly by Magnetar Capital Master Fund, Ltd. These securities are held directly by Magnetar Constellation Master Fund, Ltd. These securities are held directly by Magnetar Lake Credit Fund LLC. These securities are held directly by Magnetar Longhorn Fund LP. These securities are held directly by Magnetar SC Fund Ltd. These securities are held directly by Magnetar Structured Credit Fund, LP. 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. These securities are held directly by Longhorn Special Opportunities Fund LP. The entity holding the underlying shares of Class A common stock (the "Common Stock") of the Issuer 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.
