Form 4: Magnetar's CoreWeave Options Expire Worthless

Magnetar Financial LLC and related entities reported the expiration of various call and put options on CoreWeave, Inc. Class A Common Stock for no value.

Summary

• Magnetar Financial LLC, a 10% owner and director of CoreWeave, Inc., reported the expiration of derivative securities.
• Multiple call options (obligation to sell) with a strike price of $175 and put options (right to sell) with a strike price of $70 expired unexercised and for no value on March 20, 2026.
• These options were part of a collar arrangement initially entered into on August 28, 2025.
• The options expired worthless because CoreWeave's Class A Common Stock closing price on March 20, 2026, was between the $70 put strike price and the $175 call strike price.
• The total number of underlying Class A Common Stock shares associated with these expired options is substantial, including blocks of 176,310, 23,115, 2,390, 51,527, 70,741, 88,673, 20,035, 75,428, 46,487, 37,448, and 7,846 shares.
• The reporting persons, including Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman, disclaim beneficial ownership of these shares except to the extent of their pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for CoreWeave, as it simply reflects the expiration of previously established derivative positions without direct impact on the company's operations or capital structure. For Magnetar, it signifies the options expired worthless, indicating no profit from these specific derivatives.

Positives

• The expiration of the options for no value indicates that CoreWeave's stock price remained within a defined range ($70-$175) on the expiration date, suggesting a degree of price stability.
• No new shares were issued or repurchased as a result of these specific derivative transactions, maintaining the current share structure.

Negatives

• For Magnetar and its associated funds, the expiration of these options for no value means they did not profit from the derivative positions, as the stock price did not move significantly outside the collar range to trigger exercise.

Future Outlook

No forward-looking statements or guidance are provided.

Industry Context

StockSavvy.ai notes that the use of collar arrangements by institutional investors like Magnetar is a common strategy to manage risk and define a range of potential returns on a stock position. The expiration of these options for no value suggests that CoreWeave's stock performance remained within the anticipated bounds set by the collar, which could be interpreted as a period of relative stability for the stock during the option's term.

Stakeholder Impact

• Shareholders: The expiration of these options for no value means no dilution from call option exercise and no share repurchase from put option exercise, maintaining the current share structure.
• Magnetar Funds: The funds did not realize gains from these specific derivative positions as they expired worthless.

Key Dates

Recommendation

This Form 4 filing reports the expiration of derivative securities for no value, which is a routine event for such instruments when the underlying stock price remains within the collar range. It does not provide new fundamental information about CoreWeave's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present a compelling reason to buy or sell.

Keywords

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