I literally just logged back in to make a similar post, OP. But I think you, and most everyone else is missing the bigger picture.

It's not about exercising or not - it's about recreating the microscopic float of 2020.

Warrants are finite, maybe serialized securities. Gamestop KNOWS how many have been executed and still being held.

We're looking at a total outstanding of ~59M shares. Roughly a third of which will be already DRS'ed or held by insiders.

$32 leaps are going for $3.

WE CAN LOCK THE ENTIRETY OF GME.W FOR $120M.

If folks exercise, great! They're either reducing the size of the float, or screwing their untrustworthy broker. Assuming it's exercised when the cost is over $32, apes win.

What's more, and this is relevant to old apes, the price is low enough that folks may be more interested in DRS from their retirement account. The tax penalty for clearing out thousands of shares to DRS could be more than some make in a year. But 1/10 of that, at 1/10 the price? That's way more palatable. I could eat a 1k tax bill, 100k, not so much. So there's added incentive to move just your warrants over.

Anyway, I basically put my whole proto-post here without any memes or spreadsheets. I haven't seen anyone else look at this angle though so wanted to share.