Form 4: Magnetar's CoreWeave Options Expire Unexercised

Magnetar Financial LLC's call and put options on CoreWeave, Inc. Class A Common Stock expired unexercised and for no value as the stock price remained within the collar.

Summary

• Magnetar Financial LLC, identified as a 10% owner and director of CoreWeave, Inc. (CRWV), reported the expiration of derivative securities.
• The filing details the expiration of various call and put options on CoreWeave Class A Common Stock, which were part of a collar arrangement initiated on August 15, 2025.
• All derivative securities, including call options with strike prices of $135 and $140, and put options with a strike price of $80, expired unexercised and for no value on March 20, 2026.
• The options expired worthless because the closing price of CoreWeave Class A Common Stock on March 20, 2026, was between the call strike prices and the put strike price.
• The total aggregate number of Class A Common Stock shares underlying these expired options was 916,486.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, representing the routine expiration of a hedging strategy as anticipated when the stock price stays within the collar. It provides no new positive or negative fundamental information about CoreWeave, Inc.

Positives

• The underlying stock price of CoreWeave, Inc. remained within the predefined collar range, indicating a period of relative stability for the stock during the option's term.
• The expiration of the options for no value means Magnetar Financial LLC was not obligated to sell shares at the call strike price, nor did it exercise the right to sell at the put strike price, aligning with the intended outcome of a collar strategy when the price stays within bounds.

Negatives

• The options expired unexercised and for no value, representing a loss of the premium paid for the options and the opportunity cost of potential gains if the stock price had moved significantly outside the collar range.

Risks

• Investment in derivative securities, such as call and put options, carries inherent risks, including the potential for loss of premium or opportunity cost if the underlying asset's price does not move as anticipated or remains within a defined range.
• The specific risk of the stock price staying within the collar, leading to the options expiring worthless, materialized in this instance.

Future Outlook

The filing reports a past event concerning the expiration of derivative securities and does not contain explicit forward-looking statements or guidance regarding CoreWeave, Inc.'s future performance or Magnetar Financial LLC's investment strategy.

Management Comments

• No direct management comments or notable quotes are provided in this Form 4 filing, only signatures by an attorney-in-fact for the reporting persons.

Industry Context

StockSavvy.ai notes that collar arrangements are a common strategy used by large shareholders or institutions to limit both upside potential and downside risk on a significant equity position. The expiration of these options within the collar suggests the underlying stock price of CoreWeave, Inc. remained within a predefined range, which can be interpreted as a period of relative stability for the stock during the option's term.

Related Party Transactions

• The filing details the expiration of derivative securities held by Magnetar Financial LLC, a 10% owner and director of CoreWeave, Inc., which constitutes a transaction between a related party and the issuer's securities. However, no new related party transactions beyond the existing investment relationship and the collar arrangement are disclosed.

Stakeholder Impact

• Shareholders: Minimal direct impact as the options expired as expected within a collar, indicating no significant price movement outside the defined range.
• Reporting Person (Magnetar Financial LLC): The options expired worthless, meaning the hedging strategy concluded without exercise, which is an expected outcome for a collar if the price stays within bounds.

Key Dates

Keywords

CoreWeave, CRWV, Magnetar Financial, SEC Form 4, Derivative Securities, Call Option, Put Option, Collar Arrangement, Beneficial Ownership, Insider Transaction, Equity Options