BIGO options, page-17

So the common play with options is to convert to shares at a later day (given if things played out right). With the current SP run it has been on, would this make the options less appealing? I'm also guessing that the price you have to pay for the options will increase accordingly with the SP? I thought an option was in theory a hedge? Or do options only hedge when it is a currency option?

Just trying to work out if options are still viable for BIG or perhaps I missed the boat on the BIGO.