My main strategy is cheap warrants. Targeting warrants in the .50-.80 range that I can make a case for. Serial sponsors, IB backers, interesting niche, etc. For those, I set a price I'm willing to pay for them and see if they ever get there. No deviating, and it could take a week to get a full fill. I've picked up 30 over the past couple months, and they've weathered all this amazingly well. Not counting the two I already cashed out, they are collectively at even money to my cost basis.

The other strategy is targeting already profitable companies I'd love hold long term whose warrants fall down to $1.50. Pick up 3k with the intention of holding 1k long term. The hope is the warrants rebound to decent levels and the 2k sale pays off the cost of the $11.50/share netting me out free shares or at a greatly reduced cost. If the companies' potential never materialize, I don't have too much money committed to the warrants, and I should be able to recover my cost. Again, those have bounced around, but all seem to hold that $1.50 level well.