An In-Depth Analysis of Jane Street's Multifaceted Position in CoreWeave, Inc.
Executive Summary
This report provides a comprehensive analysis of the holdings of Jane Street Group, LLC and its affiliates in CoreWeave, Inc. (NASDAQ: CRWV), a recently public company at the forefront of the artificial intelligence (AI) infrastructure sector. While the direct answer to the number of shares held is specific, it represents only a single facet of a much larger, more complex, and dynamic strategic position.
Based on the most recent regulatory filings, Jane Street Group, LLC beneficially owns 19,994,532 shares of CoreWeave's Class A common stock, constituting a 5.4% stake in the company. This position was formally disclosed in a Schedule 13G filing with the Securities and Exchange Commission (SEC) on August 20, 2025, an event triggered by the firm's ownership surpassing the 5% regulatory threshold.
However, this substantial equity stake does not exist in isolation. A deeper examination of Jane Street's quarterly Form 13F-HR filing reveals a vast and sophisticated derivatives portfolio in CoreWeave. As of June 30, 2025, the firm held put options corresponding to 3,873,500 underlying shares and call options corresponding to 2,417,500 underlying shares. The simultaneous holding of massive, opposing positions in both equity and derivatives is not characteristic of a conventional long-term investor. Instead, it is the distinct fingerprint of a premier quantitative trading firm operating as a market maker.
This analysis concludes that Jane Street's involvement in CoreWeave is primarily a strategic operation designed to provide liquidity to the market, capture bid-ask spreads, and profit from the stock's inherent volatility. The 19.9 million shares of common stock likely serve as a dynamic hedge against the firm's extensive options book rather than a standalone directional investment. Therefore, understanding Jane Street's position requires looking beyond a single share count and appreciating its role as a central liquidity provider in the market for one of AI's most prominent new public equities.
CoreWeave (CRWV): Profile of a Newly Public AI Infrastructure Leader
To fully appreciate the nature and scale of Jane Street's position in CoreWeave, it is essential to first understand the company's strategic importance and the market dynamics surrounding its recent public debut. CoreWeave is not merely another technology company; it has rapidly established itself as a pivotal player in the AI revolution, creating a unique and compelling environment for sophisticated financial firms.
Business Model and Market Position
CoreWeave operates as a specialized cloud infrastructure provider, often described as an "AI Hyperscaler". The company builds and manages a purpose-built cloud platform designed specifically for the massive, parallel-processing workloads required for generative AI, including large-scale model training and inference. Its product suite includes GPU and CPU compute, storage, and networking services delivered via both bare metal and virtual servers. As of December 31, 2024, its 32 data centers were running over 250,000 GPUs, supported by more than 360 MW of active power, with contracts to expand to approximately 1.3 GW. This focus on high-performance, GPU-accelerated computing differentiates CoreWeave from generalized hyperscalers and positions it as a critical enabler for the world's leading AI labs and enterprises.
The Initial Public Offering (IPO)
CoreWeave commenced trading on the NASDAQ exchange under the ticker symbol CRWV on March 28, 2025. The IPO was a significant market event, with the company offering 37.5 million shares at an initial price of $40.00 per share, raising $1.5 billion. The transition to the public markets is a period of intense price discovery, often accompanied by heightened trading volume and price volatility as the market establishes a consensus valuation. For a firm like Jane Street, which thrives on liquidity and price movement, the environment surrounding a high-profile IPO in a rapidly growing sector presents an ideal opportunity. The stock's subsequent price action, with a 52-week range spanning from $33.515 to $187.00, underscores this volatility.
Strategic Backing and Industry Significance
CoreWeave's market position is significantly bolstered by its strategic relationship with Nvidia Corp., the dominant producer of the high-performance GPUs that power the AI industry. An SEC filing revealed that Nvidia is one of CoreWeave's largest investors, holding a substantial stake in the company. This backing serves as more than just a capital investment; it is a powerful technological and strategic endorsement that validates CoreWeave's infrastructure and business model. This close alliance with the undisputed leader in AI hardware has been a major factor in attracting widespread investor interest and cementing CoreWeave's credibility in the market.
Shares Outstanding and Corporate Structure
A precise understanding of the company's share structure is fundamental to any ownership analysis. While various financial data providers report slightly different figures for shares outstanding , the company's IPO prospectus filed with the SEC provides the most authoritative data. According to this primary source document, CoreWeave had 345,997,406 shares of Class A common stock outstanding immediately following the offering. The corporate structure also includes authorized Class B and Class C common stock, though only Class A and Class B shares were outstanding post-IPO. For the purposes of calculating ownership percentages based on public filings, the 345.9 million Class A shares figure serves as the most accurate denominator.
The combination of these factors—a specialized business model in a high-growth sector, the inherent volatility of a recent IPO, and a strategic alliance with an industry titan like Nvidia—created a perfect storm of market conditions. This environment, characterized by deep liquidity, sustained investor interest, and significant price fluctuations, is precisely the type of ecosystem where a sophisticated market-making and derivatives trading firm can deploy its strategies most effectively. Jane Street's significant presence in CRWV is therefore not just a commentary on CoreWeave's long-term prospects, but a strategic capitalization on the compelling market characteristics of its publicly traded securities.
Deconstructing Jane Street's Position in CoreWeave
Jane Street's stake in CoreWeave is not a monolithic investment but a complex, multifaceted position distributed across different security types and managed through a web of affiliated legal entities. A granular analysis of regulatory filings is required to assemble a complete and accurate picture of the firm's exposure.
A. Aggregated Equity Ownership: The Schedule 13G Disclosure
The most direct and definitive statement of Jane Street's beneficial ownership in CoreWeave's common stock comes from a Schedule 13G filed with the SEC. On August 20, 2025, Jane Street Group, LLC reported that it had acquired beneficial ownership of 19,994,532 shares of CoreWeave's Class A common stock. This holding represents 5.4% of the company's outstanding Class A shares, a level that statutorily requires public disclosure. The filing of a Schedule 13G, as opposed to a Schedule 13D, signifies that the firm holds these shares as a passive investor with no intent to exert control over the company. This is the foundational number that directly answers the question of how many shares Jane Street owns.
B. The Jane Street Corporate Web: Understanding the Reporting Entities
It is crucial to recognize that "Jane Street" is a brand name for a collection of distinct but affiliated financial firms. Regulatory filings reveal several key entities involved in managing the firm's positions. The parent entity, Jane Street Group, LLC (CIK: 0001595888), is the primary filer for both the consolidated 13F-HR report and the Schedule 13G. Its 13F-HR filings explicitly state that they include the holdings of several other managers, including Jane Street Capital, LLC, Jane Street Options, LLC, and Jane Street Global Trading, LLC.
Data from various sources sometimes attributes holdings to these specific subsidiaries. For instance, one source lists Jane Street Options, LLC as holding 11,049,400 shares , while another attributes smaller percentages to Jane Street Options, LLC, Jane Street Global Trading, LLC, and Jane Street Group, LLC individually. The consolidated 13F-HR and the parent-level 13G filing provide the most holistic and legally binding view, aggregating the activities of these underlying entities into a single, comprehensive report of the firm's total position.
C. Analysis of Derivative Holdings: The Form 13F-HR Disclosure
While the 13G filing details the firm's direct stock ownership, the quarterly 13F-HR report reveals a far more complex strategy involving derivatives. The filing for the quarter ending June 30, 2025, which was submitted on August 14, 2025, details enormous positions in both put and call options on CRWV stock.
* Put Options: Jane Street Group, LLC reported holding put options that give it the right to sell a notional amount of 3,873,500 underlying shares of CRWV. The market value of these put options was reported as $631.61 million at the end of the quarter.
* Call Options: Concurrently, the firm reported holding call options that give it the right to buy a notional amount of 2,417,500 underlying shares of CRWV. These call options had a reported market value of $394.20 million.
The existence of such large, offsetting positions in the options market is the clearest indicator of a market-making operation. A typical investor making a directional bet would overwhelmingly favor either puts (a bearish stance) or calls (a bullish stance). A market maker, however, routinely buys and sells both puts and calls to facilitate trades for its clients. The positions reported on the 13F-HR are the net result of thousands of such transactions. This options book is not a separate investment but is intrinsically linked to the firm's equity position. The 19.9 million shares of common stock are almost certainly used as a primary tool to hedge the directional risk (or "delta") created by this massive options portfolio, allowing the firm to profit from spreads and volatility rather than the stock's price direction.
The following table consolidates these disparate holdings into a single, unified view of Jane Street's publicly disclosed position in CoreWeave as of the most recent reporting dates.
| Jane Street Entity | Security Type | Quantity (Shares / Underlying Shares) | Ownership % (Common Stock) | Reported Value ($M) | Source Filing | Reporting Date |
|---|---|---|---|---|---|---|
| Jane Street Group, LLC | Class A Common Stock | 19,994,532 | 5.4% | Not Specified in Filing | Schedule 13G | August 20, 2025 |
| Jane Street Group, LLC | Put Options | 3,873,500 | N/A | $631.61 | Form 13F-HR | June 30, 2025 |
| Jane Street Group, LLC | Call Options | 2,417,500 | N/A | $394.20 | Form 13F-HR | June 30, 2025 |
A Primer on Regulatory Disclosures: Interpreting 13G and 13F Filings
Understanding the data related to Jane Street's holdings requires a working knowledge of the specific SEC filings from which the information is derived. Each form serves a distinct purpose, and interpreting them in concert provides a more nuanced view than any single filing can offer.
Schedule 13G
A Schedule 13G is a disclosure required when an investor acquires beneficial ownership of more than 5% of a public company's voting equity securities. This form is specifically for "passive" investors—those who have acquired the securities in the ordinary course of business and not with the purpose or effect of changing or influencing the control of the issuer. Jane Street Group, LLC's filing of a 13G for its 5.4% stake in CoreWeave on August 20, 2025, is a formal declaration of this passive intent. The filing is event-driven, meaning it was triggered by crossing the 5% threshold, and it must be updated if there are material changes to the ownership level.
Form 13F-HR
A Form 13F-HR is a mandatory quarterly holdings report for institutional investment managers who exercise investment discretion over at least $100 million in certain equity securities. Unlike the 13G, which is triggered by an ownership event and declares intent, the 13F is a routine, time-based snapshot of a manager's long positions at the end of each calendar quarter. The report must disclose holdings in common stock as well as both put and call options. Jane Street's 13F-HR for the period ending June 30, 2025, provides a detailed, though static, look at its portfolio on that specific date. It is an informational disclosure and does not reflect trading activity that may have occurred before or after the reporting date.
Key Distinctions and Synergies
The primary distinction lies in purpose and timing. The 13G is an event-driven filing focused on significant ownership and investment intent, while the 13F is a time-driven, portfolio-wide transparency report. When analyzed together, they provide a powerful narrative. The 13F reveals the intricate details of the options book and the scale of the firm's market-making activity, while the subsequent 13G filing confirms that the net result of this activity—including the stock held for hedging purposes—has resulted in a significant, passive equity stake. This synergy allows for a more complete understanding of Jane Street's multifaceted strategy in CoreWeave.
Comparative Landscape: Jane Street's Stake in Context
Jane Street's position in CoreWeave, while substantial, is part of a broader landscape of significant institutional interest in the company. Situating its stake relative to its peers and contrasting institutional behavior with that of company insiders provides critical perspective on the prevailing market dynamics.
A. Ranking Among Institutional Peers
Jane Street is a major shareholder, but it is not the largest. Analysis of institutional ownership data reveals a high concentration of holdings among a few key players, underscoring the strong conviction of large, sophisticated investors in CoreWeave's future. The top 25 shareholders collectively own over 76% of the company, indicating a less fragmented and more institutionally-driven market.
Magnetar Financial LLC stands out as the single largest institutional holder, with filings indicating a position that could be as high as 107.9 million shares, or over 30% of the company. Other sources place its holding at 94.3 million shares, or 19.3%. Regardless of the precise figure, Magnetar's stake is multiples larger than Jane Street's. Other top-tier institutions with significant positions include Fmr Llc (Fidelity) and Nvidia Corp, which, as previously noted, is also a key strategic partner. Jane Street's 5.4% equity stake positions it firmly within this top echelon of influential shareholders.
| Rank | Institutional Holder | Shares Held | Percentage of Outstanding Shares (%) | Reported Value ($B) | Reporting Date |
|---|---|---|---|---|---|
| 1 | Magnetar Financial LLC | 107,962,916 | 30.14% | N/A | April 1, 2025 |
| 2 | Fmr Llc (Fidelity) | 25,016,050 | 6.90% | N/A | August 6, 2025 |
| 3 | Nvidia Corp | 24,182,460 | 7.00% | N/A | May 15, 2025 |
| 4 | Jane Street Group, LLC | 19,994,532 | 5.40% | N/A | August 20, 2025 |
| 5 | Coatue Management Llc | 17,797,573 | 3.64% | $1.83 | June 29, 2025 |
| Note: Share counts and percentages are based on the most recent 13D/G or 13F filings available from sources. Dates reflect the filing date, not the position date. Percentages may vary based on the total shares outstanding used for calculation. | | | | | |
B. The Dichotomy of Institutional Accumulation and Insider Distribution
A notable dynamic in CoreWeave's market is the simultaneous occurrence of strong institutional buying and significant insider selling. While firms like Jane Street, Magnetar, and Fidelity have been establishing or increasing their positions, several of CoreWeave's top executives and early investors have been selling substantial amounts of stock, particularly following the expiration of the post-IPO lockup period on August 14, 2025.
Filings and reports detail extensive selling activity by key insiders. For instance, Chief Development Officer Brannin McBee sold 1.25 million shares, Chief Strategy Officer Brian Venturo sold over 324,000 shares, and CEO Michael Intrator sold over 82,000 shares in the months following the IPO. This pattern of insider distribution stands in stark contrast to the institutional accumulation detailed above.
However, this dichotomy should not necessarily be interpreted as a bearish signal or a fundamental disagreement on the company's valuation. It is more accurately viewed as a natural and healthy market evolution for a newly public company. Insiders, including founders and early employees, often hold a highly concentrated and illiquid position in their company's stock. The IPO provides their first meaningful opportunity to diversify their personal wealth, manage tax liabilities, and achieve liquidity after years of investment. Their selling is a rational portfolio management decision. Conversely, institutional investors were largely unable to build a meaningful position in CoreWeave while it was private. The IPO and subsequent insider sales provide the necessary liquidity for these large funds to deploy capital and establish long-term positions based on their own forward-looking analysis. In essence, the insider selling is facilitating the transfer of ownership from a concentrated group of early stakeholders to a broader, more stable base of institutional investors, a process characteristic of a maturing public company.
Strategic Implications and Forward Outlook
The comprehensive analysis of Jane Street's equity and derivative holdings, viewed within the broader market context, allows for a clear interpretation of its strategy and its resulting impact on CoreWeave's stock.
A. Interpreting Jane Street's Integrated Strategy
Jane Street's engagement with CoreWeave's securities is best understood not as a simple investment but as an integrated trading strategy centered on market making. The firm's primary objective is likely to profit from the process of trading itself, rather than from the long-term appreciation of the underlying stock. This sophisticated operation involves several key components:
* Liquidity Provision: By simultaneously holding millions of shares and maintaining a massive book of both put and call options, Jane Street stands ready to act as a buyer or seller for other market participants, thereby facilitating trade and ensuring a liquid market.
* Bid-Ask Spread Capture: As a market maker, the firm profits by capturing the small difference between the price at which it is willing to buy a security (the bid) and the price at which it is willing to sell (the ask). Over millions of shares and options contracts, this spread generates substantial revenue.
* Volatility Trading: The high volatility inherent in a newly public AI stock translates into high premiums for its options. By selling these options to investors seeking to hedge or speculate, Jane Street can profit from "volatility crush" or the natural time decay of these premiums.
* Dynamic Hedging: The 19.9 million share position in common stock is the critical tool for managing the risk of the options portfolio. As the firm's net options exposure changes due to client trading, it will continuously buy and sell shares of CRWV stock to maintain a risk-neutral or "delta-neutral" position, insulating its profits from the stock's directional movements.
B. Impact on CRWV Market Dynamics
The presence of a major market maker like Jane Street has tangible effects on the behavior and characteristics of CoreWeave's stock in the public market.
* Enhanced Liquidity and Volume: A dedicated liquidity provider ensures that other large institutions can execute significant buy or sell orders without causing excessive price disruption. This attracts more institutional capital and contributes to the high average daily trading volumes observed in the stock, which often exceed 20 million shares.
* Potential Volatility Dampening: While the stock remains fundamentally volatile due to its sector and growth profile, a market maker can act as a shock absorber. By stepping in to buy during panic selling or sell into euphoric buying, Jane Street can help smooth out extreme intraday price swings and reduce market friction.
* Efficient Price Discovery: The constant quoting and trading activity by a sophisticated firm like Jane Street, which processes vast amounts of order flow information, contributes to a more efficient price discovery mechanism. This helps the stock price more accurately and rapidly reflect all available information, leading to a more mature and stable market over time.
Conclusion
In summary, the direct answer to the query of how many shares Jane Street owns in CoreWeave is 19,994,532 shares of Class A common stock, representing a 5.4% passive stake as disclosed in its Schedule 13G filing on August 20, 2025.
However, this report demonstrates that this figure, while factually accurate, is merely the visible component of a far more intricate and strategically significant position. The firm's concurrent holdings of derivative instruments—specifically, put options on 3.87 million shares and call options on 2.42 million shares—reveal its true role in the market. The composition and scale of this combined equity and options portfolio are the definitive characteristics of a premier quantitative trading firm acting as a core market maker.
Jane Street's strategy in CoreWeave is not a simple long-term bet on the company's success but a sophisticated operation designed to profit from providing liquidity and trading the stock's volatility. The 19.9 million share equity position is best understood as a dynamic hedge for its vast options book. This activity ultimately benefits the market by enhancing liquidity, improving price discovery, and facilitating the transfer of ownership from early insiders to a broad base of institutional investors. For any investor analyzing CoreWeave, understanding Jane Street's role as a central liquidity provider is as crucial as understanding the company's fundamental business prospects.
