And so?
That is a legitimate risk management strategy - building a sizeable free carried holding in a speculative company means you've been able to remove your original capital and maintain an interest in the business. It definitely helps you sleep at night because it doesn't matter what the value of the holding is, it is still all profit.
That original capital could represent 100s or 1000s of overtime working in a less than salubrious job - it could be a first home deposit.
If you can protect that capital by exercising some in the money options and then selling heads to cover the exercise cost, great.
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