A $2.28M large options trade hit $CRWV Dec 18 $70 puts on Tuesday, the kind of size that gets noticed on CoreWeave's options tape. The contracts changed hands on the sell side, on a strike 18.5% below the stock, a low-odds, high-payoff position.
What happened
The trade printed after the closing bell, around 4:00 p.m. ET on Tuesday, September 29, with $CRWV trading near $85.93. 5,000 contracts went through at $4.55 apiece, or $455 per contract, for $2.28M in total premium.
It went through as one large print rather than being worked in small pieces.
There were already 8,239 contracts open at this strike, so the trade could be adding to a position or unwinding one. The next open-interest update will settle which.
Why it matters
Selling puts gets paid if $CRWV holds up. The seller keeps the premium as long as the stock finishes above about $65.45 by Dec 18; below that, they are effectively signed up to own it at $70. That leans bullish to neutral on CoreWeave.
Adjusted for delta, the position behaves like roughly 109,900 shares of CRWV, or about $9.44M of stock exposure in a company valued near $46.9B.
With 80 days until Dec 18, this is positioning for months, not a quick flip. Implied volatility ran around 76%, elevated, which means traders are paying up for movement.
The numbers
| Contract | CRWV Dec 18 $70 Put |
|---|---|
| Expiration | Dec 18, 2026 (80 days) |
| Execution | Large Options Trade |
| Side | Sell side (at or near the bid) |
| Contracts | 5,000 |
| Price | $4.55 ($455 per contract) |
| Total premium | $2.28M |
| Stock at the trade | $85.93 |
| Strike vs. stock | 18.5% out of the money |
| Breakeven at expiration | $65.45 |
| Delta | 0.22 |
| Implied volatility | 76% |
| Open interest before | 8,239 |
Three ways this could play out
Bullish continuation
If $CRWV pushes through $90.23, the move works for this seller and the flow starts to look like early conviction rather than noise.
Bearish rejection
If $CRWV slips under $81.63, the pressure lands on this seller, and $65.45 becomes the level that decides whether the trade is saved.
Neutral stabilization
If $CRWV chops between $81.63 and $90.23 into Dec 18, time decay does the work. That quietly pays this seller.
What to watch next
- $65.45: breakeven for this trade at expiration.
- $70 strike: whether $CRWV moves toward it or away from it.
- Open interest at the $70 put in the next session. A jump confirms a new position; a drop points to a close.
- Repeat flow in the Dec 18 expiration. More size at nearby strikes would show this was not a one-off.
- December 18, 2026: expiration, 80 days out.
