MAn are you clueless. If you are a warrant holder and expect the company to be sold for billions in the not too distant future, why would you put your hard earned cash on the table now when you will get the buyout price without having to spend a penny later?? Why essentially give the company an interest free loan??? Why not just use that money to buy more shares on the open market or invest in another opportunity. This is what you are not getting.
Your angle on the warrants assumes investors sole goal is to minimize risk, not maximize gains.