Form 4: Magnetar Writes Calls, Buys Puts on CoreWeave (CRWV) Through March 2026
Rhea-AI Filing Summary
Magnetar-linked entities reported a collar transaction on CoreWeave, Inc. (CRWV) dated 08/28/2025. The filing shows a covered-call/write and a purchased put on the same blocks of Class A common stock so that only one option can be in-the-money at expiration on 03/20/2026. The reported tranches under the collar are 46,487; 37,448; and 7,846 underlying shares, each tied to a $175 call and a $70 put. The securities are held directly by three Magnetar funds and are reported as indirectly beneficially owned by Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman, who disclaim beneficial ownership except for pecuniary interest.
Positive
- Protective puts purchased as part of the collar provide documented downside protection through 03/20/2026.
- Structured collar clearly disclosed with strikes ($175 call, $70 put) and expiration date, improving transparency.
- Detailed reporting chain lists Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman.
Negative
- Sold covered calls (obligation to sell) at $175 could force sale of shares if calls finish in-the-money on 03/20/2026.
- Disclaimers of beneficial ownership indicate reporting persons assert limited control, which may limit clarity around economic voting influence.
Insights
TL;DR Magnetar placed a collar across 91,781 CRWV shares, locking downside protection and capping upside through March 20, 2026.
The filing documents a standard collar: simultaneous sale of covered calls at a $175 strike and purchase of puts at a $70 strike, each expiring 03/20/2026, across three blocks totaling 46,487; 37,448; and 7,846 shares. This structure limits downside risk while capping potential upside through option exercise or expiration. Reporting lines show indirect beneficial ownership through multiple Magnetar entities and the manager, with explicit disclaimers of beneficial ownership except for pecuniary interest. The transaction is operationally material for share-level exposure but not an ownership change in control based on the information provided.
TL;DR The Form 4 discloses related-party option activity with standard disclaimers of beneficial ownership across Magnetar entities.
The Form 4 clearly identifies the reporting chain: Magnetar Financial LLC, its parent and affiliates, and David J. Snyderman as manager, with signed attestations. Footnotes state the securities are held directly by three funds and each reporting person disclaims beneficial ownership except to the extent of pecuniary interest. The disclosure and signatures appear to meet Section 16 reporting mechanics; no governance changes, officer resignations, or control transfers are disclosed.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call option (obligation to sell) | 46,487 | $325,409.00 | $15.13B |
| Purchase | Put option (right to sell) | 46,487 | $371,896.00 | $17.29B |
| Sale | Call option (obligation to sell) | 37,448 | $262,136.00 | $9.82B |
| Purchase | Put option (right to sell) | 37,448 | $299,584.00 | $11.22B |
| Sale | Call option (obligation to sell) | 7,846 | $54,922.00 | $430.92M |
| Purchase | Put option (right to sell) | 7,846 | $62,768.00 | $492.48M |
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.
