CoreWeave

• A blockchain token designed to track the price of CoreWeave, Inc. (NASDAQ: CRWV).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Founded: 2017

• Headquarters: Livingston, New Jersey, United States

• CEO: Michael Intrator (co-founder)

• Listed on: Nasdaq (CRWV), since March 2025

• Sector: AI cloud infrastructure

• CoreWeave rents GPU compute capacity to AI developers and enterprises.

• Its business is capital intensive and financed substantially through debt secured against hardware.

• Revenue is concentrated among a small number of large customers.

• Revenue comes from renting GPU compute, largely under multi-year committed contracts.

• Major customers include Microsoft, OpenAI and Meta.

• A large contracted backlog supports future revenue.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• Long-term contracts give it unusual revenue visibility for a young company.

• It has had early access to NVIDIA's newest hardware.

• Its platform is purpose-built for AI rather than adapted from general cloud.

Cons:

• It carries heavy debt secured against GPUs.

• A few customers account for most revenue.

• GPUs lose value quickly as new generations arrive.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.