Form 4: Magnetar Enters Collars on CoreWeave Shares, $155/$70 Strikes
Rhea-AI Filing Summary
Magnetar-related entities disclosed multiple collar option positions on CoreWeave, Inc. (CRWV) entered on 08/21/2025. The arrangement pairs covered call obligations at a $155 strike with put rights at a $70 strike, each set expiring on 06/18/2026, and only the in-the-money option will be exercised and settled in shares at expiration. The reported positions are held across several Magnetar-managed funds and total multiple tranches of Class A common stock exposure, including specific lot sizes such as 587,701, 295,575, and other tranches, each shown as indirectly owned. Filers disclaim beneficial ownership except for pecuniary interest; signatures were provided by an attorney-in-fact for David J. Snyderman.
Positive
- Comprehensive disclosure of derivative positions including strikes, expirations, and tranche sizes
- Clear attribution showing which Magnetar-managed funds directly hold the underlying shares
- Legal attestations and attorney-in-fact signatures accompany the filing
Negative
- None.
Insights
TL;DR: Magnetar entities established sizeable collars on CRWV, creating capped upside and downside protection through matched calls and puts.
The filing documents a multi-tranche collar strategy entered 08/21/2025 with common-stock-settled call obligations at $155 and purchased puts at $70, all expiring 06/18/2026. Holdings are allocated across several Magnetar funds and reported as indirect ownership, with specific share counts disclosed for each tranche. The disclosure clarifies only one option can be in-the-money at expiration and identifies the direct holders. This is a detailed Section 16 disclosure of derivative activity rather than a simple open-market trade.
TL;DR: The filing shows coordinated trading by related Magnetar entities with clear attribution and disclaimers of beneficial ownership.
The Form 4 lists Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman in the reporting chain and includes explicit disclaimers of beneficial ownership except for pecuniary interest. Signatures are provided via attorney-in-fact. The filing appropriately discloses the collar structure and the entities holding the underlying Class A shares, satisfying Section 16 transparency requirements for derivative positions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call option (obligation to sell) | 171,756 | $1,717,560.00 | $295.00B |
| Purchase | Put option (right to sell) | 171,756 | $2,189,889.00 | $376.13B |
| Sale | Call option (obligation to sell) | 587,701 | $5,877,010.00 | $3453.92B |
| Purchase | Put option (right to sell) | 587,701 | $7,493,187.75 | $4403.75B |
| Sale | Call option (obligation to sell) | 77,050 | $770,500.00 | $59.37B |
| Purchase | Put option (right to sell) | 77,050 | $982,387.50 | $75.69B |
| Sale | Call option (obligation to sell) | 7,966 | $79,660.00 | $634.57M |
| Purchase | Put option (right to sell) | 7,966 | $101,566.50 | $809.08M |
| Sale | Call option (obligation to sell) | 235,802 | $2,358,020.00 | $556.03B |
| Purchase | Put option (right to sell) | 235,802 | $3,006,475.50 | $708.93B |
| Sale | Call option (obligation to sell) | 295,575 | $2,955,750.00 | $873.65B |
| Purchase | Put option (right to sell) | 295,575 | $3,768,581.25 | $1113.90B |
| Sale | Call option (obligation to sell) | 66,784 | $667,840.00 | $44.60B |
| Purchase | Put option (right to sell) | 66,784 | $851,496.00 | $56.87B |
| Sale | Call option (obligation to sell) | 251,430 | $2,514,300.00 | $632.17B |
| Purchase | Put option (right to sell) | 251,430 | $3,205,732.50 | $806.02B |
| Sale | Call option (obligation to sell) | 154,956 | $1,549,560.00 | $240.11B |
| Purchase | Put option (right to sell) | 154,956 | $1,975,689.00 | $306.14B |
| Sale | Call option (obligation to sell) | 124,827 | $1,248,270.00 | $155.82B |
| Purchase | Put option (right to sell) | 124,827 | $1,591,544.25 | $198.67B |
| Sale | Call option (obligation to sell) | 26,153 | $261,530.00 | $6.84B |
| Purchase | Put option (right to sell) | 26,153 | $333,450.75 | $8.72B |
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 Constellation Master Fund, Ltd, CW Opportunity LLC, Magnetar Capital Master Fund, Magnetar Longhorn Fund LP, Magnetar SC Fund Ltd, Magnetar Xing He Master Fund Ltd, Purpose Alternative Credit Fund - F LLC and Purpose Alternative Credit Fund - T LLC, 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 Magnetar Constellation Master Fund, Ltd. 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 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.
