Form 4: Magnetar's CoreWeave Options Expire Unexercised

Magnetar Financial and related entities reported the expiration of call and put options on CoreWeave Class A Common Stock, unexercised and for no value, as part of a collar arrangement.

Summary

• Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman, identified as 10% owners and directors of CoreWeave, Inc., filed a Form 4.
• The filing reports the expiration of various call and put options on CoreWeave Class A Common Stock on March 20, 2026.
• These options were part of a collar arrangement entered into on August 27, 2025.
• The call options had a strike price of $160, and the put options had a strike price of $70.
• All options expired unexercised and for no value because CoreWeave's Class A Common Stock closing price on March 20, 2026, was between the $70 put strike and the $160 call strike.
• A total of 800,000 shares of Class A Common Stock were underlying these derivative securities.
• Beneficial ownership of these shares is disclaimed by the reporting persons, except to the extent of their pecuniary interest.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event. While no direct profit was made from these specific options, the stock price remaining within the collar range indicates a managed risk profile for the reporting entity's CoreWeave position.

Positives

• The options expiring unexercised and for no value suggests the stock price remained within the collar range ($70-$160) on the expiration date, indicating a degree of price stability or a favorable outcome for the collar strategy.

Negatives

• The expiration of options for no value means the reporting persons did not profit from exercising these specific derivatives.

Risks

• The nature of options trading involves market price fluctuations, and the risk of the stock price moving outside the collar range (either above $160 or below $70) was present during the option term.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance beyond the expiration of the specific derivative contracts.

Management Comments

• In connection with the expiration of a call option and a put option entered into on August 27, 2025, as part of a collar arrangement, both options expired unexercised and for no value on March 20, 2026, as the closing price of the Class A Common Stock on such date was between the call strike price and the put strike price.
• 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.

Industry Context

StockSavvy.ai notes that collar strategies are common risk management tools used by institutional investors to limit potential losses while also capping potential gains on a stock position. The expiration of these options within the collar range suggests a period of relative stability for CoreWeave's stock price during the option's term, which can be a positive signal in the volatile tech and AI infrastructure sector where CoreWeave operates.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The expiration of these options indicates that a significant institutional investor (Magnetar) managed its exposure to CoreWeave stock within a defined price range, potentially signaling a long-term holding strategy with risk mitigation.

Next Steps

• The filing does not mention any specific future actions or milestones.

Key Dates

Recommendation

The filing details the routine expiration of derivative securities as part of a collar strategy, indicating a managed position by a significant institutional investor. It does not provide new fundamental information about CoreWeave's operational performance or future prospects that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions while awaiting further company-specific or market-wide developments.

Keywords

CoreWeave, CRWV, Magnetar Financial, SEC Form 4, Beneficial Ownership, Options Expiration, Call Option, Put Option, Collar Arrangement, Derivative Securities, Institutional Ownership