Form 4: Magnetar Hedged Collar Covers 392,632 CoreWeave (CRWV) Shares

Rhea-AI Filing Summary

Magnetar-related entities reported entering a collar on CoreWeave, Inc. (CRWV) shares on 09/10/2025. The reported structure shows the entities wrote covered call options with a $200 strike and purchased put options with an $82.50 strike, all expiring 06/18/2026. The filing lists four tranches totaling 392,632 Class A shares underlying the options (177,116; 109,158; 87,934; 18,424) with corresponding notional values shown per tranche. All positions are reported as indirect holdings and the reporting parties disclaim beneficial ownership except for pecuniary interest. The transaction date and signatures are provided.

Positive

• Downside protection implemented via purchased puts at a $82.50 strike across the covered position
• Hedging strategy (collar) preserves principal while allowing limited upside, indicating active risk management
• Substantial notional exposure across four tranches totaling 392,632 underlying shares, showing meaningful economic interest

Negative

• Upside capped by written calls at a $200 strike, which limits potential gains above that price
• Indirect ownership disclaimers mean the reporting parties do not claim full beneficial ownership, which may reduce clarity on voting influence
• Concentration risk remains if the underlying funds maintain large positions despite the hedge

Insights

Financial Analyst

TL;DR: Magnetar implemented a hedged collar across 392,632 CRWV shares, limiting upside while adding downside protection through puts.

The collar combines written calls at a $200 strike with purchased puts at an $82.50 strike, all expiring 06/18/2026, which effectively caps potential upside above $200 per share while protecting the holder down to $82.50. The reported tranches and notional values indicate sizeable exposure distributed across four funds/entities and reported as indirect ownership. The filing includes the standard disclaimers of beneficial ownership except for pecuniary interest, signaling these are fund-held positions managed by Magnetar-affiliated vehicles rather than direct personal holdings.

Risk Analyst

TL;DR: This is a risk-management trade: downside protection with limited upside, executed via covered calls and purchased puts.

The structure reduces downside volatility risk by purchasing puts at $82.50 while creating income or financing via written calls at $200. All options share the same expiration date, meaning settlement will leave only the in-the-money leg exercisable. The indirect ownership and multi-entity reporting reflect common asset-management layering and the filing contains standard legal disclaimers. For investors, this indicates an institutional hedging action rather than an outright disposition of shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Magnetar Financial LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CoreWeave, Inc. [ CRWV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call option (obligation to sell)	$200	09/10/2025		S/K(1)			177,116	06/18/2026	06/18/2026	Class A Common Stock	177,116	$1,948,276	177,116	I	Footnotes(2)(3)(4)(5)
Put option (right to sell)	$82.5	09/10/2025		P/K(1)		177,116		06/18/2026	06/18/2026	Class A Common Stock	177,116	$2,302,508	177,116	I	Footnotes(2)(3)(4)(5)
Call option (obligation to sell)	$200	09/10/2025		S/K(1)			109,158	06/18/2026	06/18/2026	Class A Common Stock	109,158	$1,200,738	109,158	I	Footnotes(2)(3)(4)(6)
Put option (right to sell)	$82.5	09/10/2025		P/K(1)		109,158		06/18/2026	06/18/2026	Class A Common Stock	109,158	$1,419,054	109,158	I	Footnotes(2)(3)(4)(6)
Call option (obligation to sell)	$200	09/10/2025		S/K(1)			87,934	06/18/2026	06/18/2026	Class A Common Stock	87,934	$967,274	87,934	I	Footnotes(2)(3)(4)(7)
Put option (right to sell)	$82.5	09/10/2025		P/K(1)		87,934		06/18/2026	06/18/2026	Class A Common Stock	87,934	$1,143,142	87,934	I	Footnotes(2)(3)(4)(7)
Call option (obligation to sell)	$200	09/10/2025		S/K(1)			18,424	06/18/2026	06/18/2026	Class A Common Stock	18,424	$202,664	18,424	I	Footnotes(2)(3)(4)(8)
Put option (right to sell)	$82.5	09/10/2025		P/K(1)		18,424		06/18/2026	06/18/2026	Class A Common Stock	18,424	$239,512	18,424	I	Footnotes(2)(3)(4)(8)

1. Name and Address of Reporting Person^*

Magnetar Financial LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Magnetar Capital Partners LP

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Supernova Management LLC

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Snyderman David J.

(Last) (First) (Middle)

1603 ORRINGTON AVENUE

13TH FLOOR

(Street)

EVANSTON IL 60201

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

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.

2. 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 and the general partner of Magnetar Structured Credit Fund, LP (collectively, the "Magnetar Funds").

3. 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.

4. 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.

5. These securities are held directly by Magnetar Structured Credit Fund, LP.

6. These securities are held directly by Magnetar Xing He Master Fund Ltd.

7. These securities are held directly by Purpose Alternative Credit Fund - F LLC.

8. These securities are held directly by Purpose Alternative Credit Fund - T LLC.

	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC, which is the General Partner of Magnetar Capital Partners LP, which is in turn the Sole Member of Magnetar Financial LLC	09/11/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC, which is the General Partner of Magnetar Capital Partners LP	09/11/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman, as Manager of Supernova Management LLC	09/11/2025
	/s/ Hayley A. Stein, Attorney-in-Fact for David J. Snyderman	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Magnetar report on Form 4 for CoreWeave (CRWV)?

The filing reports a collar entered on 09/10/2025 consisting of written calls at $200 and purchased puts at $82.50, expiring 06/18/2026, on underlying Class A shares.

How many CoreWeave shares are covered by the reported collar?

The filing shows four tranches totaling 392,632 underlying Class A shares (177,116; 109,158; 87,934; 18,424).

Who are the reporting parties on the Form 4?

The Form 4 is filed by Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman, with signatures by an attorney-in-fact.

Are these holdings reported as direct or indirect?

All option positions and underlying shares are reported as indirect (I) ownership, with disclaimers of beneficial ownership except for pecuniary interest.

When do the options expire and what happens at expiration?

All options expire on 06/18/2026; only the in-the-money option at expiration will be exercised and settled in shares, otherwise both expire.