So a person could buy them cheaper than the current underlying and then turn right around and sell them at the underlying price instantly?
Got 830 free a year ago, now 4,500.
But as I said, I view warrants like options. They are not for a weak stomach. yes, things could go great, or end up with nothing. That is the play.
I am not selling mine.
Marginal Expectations retweeted
Let me say something that is contrary to popular belief the $gme.wt is not and has not been mispriced. Quick summary below, but read the full post.
#GME $GME
ELI5: Picture a warrant as a real ticket and the $32 call as a photo of that ticket. The two are worth about the same on paper, so you'd expect the same price. But if someone lent you a ticket and wants it back, the photo won't do. People are paying about 63 cents extra to hold the real ticket. Roughly 13 cents of that is the rental fee for borrowing one. The other roughly 50 cents is people paying so they aren't stuck empty-handed when the ticket has to be returned.
TLDR: The $0.63 gap between the warrant and the call is mostly not mispricing. About $0.13 is borrow cost, and about $0.50 looks like scarcity and settlement risk, though that part is my interpretation. Watch the gap into Oct 29: if it shrinks, the short side is covered, and if it widens even with GME under $32, they're scrambling for warrants.
The 570% Warrant Borrow, Explained: Spread, Not Siege
Tuesday, October 20, 2026. Data as of 9:58–10:03 AM ET (quotes 9:58 AM ET; model run 10:03 AM ET). Not investment advice.
ELI5
Think of a GME WS warrant as a ticket that lets you buy one GameStop share for $32, good until Friday, Oct 30. GME is about $25.62, so right now the ticket only pays if the price jumps.
People pay about 80¢ for that ticket. A nearly identical ticket on the options chain (the Oct-30 $32 call) costs about 23¢.
So traders borrow the pricey tickets, sell them, buy the cheap ones, and keep the difference. Borrowing costs 570% a year, but at 80¢ that's only about a penny a day.
If GME stays under $32, the tickets expire worthless and the borrowers win. If GME runs above $32, anyone who borrowed without the cheap ticket as a hedge has to buy warrants back in the same few days. That rush is the squeeze case.
The GameStop warrants (GME WS) expire in ten days, and this morning one broker showed a borrow rate of 570.50% to short them. That number is going to get passed around as proof of a squeeze. It's real, but it means something narrower than that, and the reason is sitting in plain sight on the options chain.
How to read the labels: T1 is a primary source (issuer, OCC, FINRA). T2 is a mirror, a delayed quote, or a broker screenshot. MODEL is Black-Scholes math on stated inputs. ASSUMPTION is an input that was picked. INF is inference.
ALT Cover image: The 570% Warrant Borrow, Explained: Spread, Not Siege (GME WS)
Betting is maybe not the word.
IMO, GameStop needs investors, LONG holders. Some of the price action of late draws in the opportunists (not judging here, just observing) and they can exacerbate the price fluctuations on short-term buying and selling, not to mention options (again, not judging here).
Less of the float needs to be available, and that is long holding.
They are like options.
Sometimes on options you get an opportunity to sell or exercise and make bank, sometimes it comes down to the last week.
But I've held options until they are worthless too. I don't really see a difference with warrants.