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
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Call option (obligation to sell) | 177,116 | $1,948,276.00 | $345.07B |
| Purchase | Put option (right to sell) | 177,116 | $2,302,508.00 | $407.81B |
| Sale | Call option (obligation to sell) | 109,158 | $1,200,738.00 | $131.07B |
| Purchase | Put option (right to sell) | 109,158 | $1,419,054.00 | $154.90B |
| Sale | Call option (obligation to sell) | 87,934 | $967,274.00 | $85.06B |
| Purchase | Put option (right to sell) | 87,934 | $1,143,142.00 | $100.52B |
| Sale | Call option (obligation to sell) | 18,424 | $202,664.00 | $3.73B |
| Purchase | Put option (right to sell) | 18,424 | $239,512.00 | $4.41B |
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 and the general partner of Magnetar Structured Credit Fund, LP (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 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.
