CoreWeave rallies as Jane Street reveals 5.4% stake

Before all that recent selling in CoreWeave shares due to the IPO lockup period expiring, there was also a big buyer.

Quantitative trading and market-making firm Jane Street accumulated a passive position of nearly 20 million shares, or 5.4% of the company, as of August 13, according to a 13G filing. As of that date, that stake was worth about $2.35 billion, or about $1.8 billion as of Wednesday’s close. Over half that reported position is in Jane Street’s options division.

Shares of CoreWeave are up about 3% as of 7:50 a.m. ET amid this news.

It should be stressed that Jane Street is a quantitative trading firm and liquidity provider, and that it amassed a large position CoreWeave shares ahead of what was sure to be a surge in trading volume. This stake is not necessarily an obvious signal of optimism regarding the near-term prospects for CoreWeave stock, but potentially more so the result of Jane Street identifying an attractive trading opportunity. But it could be both! Or just one.

That being said, if you are looking for a positive catalyst for CoreWeave, I would humbly suggest that the end of the initial rush of post-lockup selling is a much better one than the idea that the filing implies Jane Street thinks the shares are going to moon.