If the SP hovers around the 10-13c mark for the rest of the year...

If the SP hovers around the 10-13c mark for the rest of the year and the options get exercised (perhaps with an underwriting arrangement), then BIT will have perhaps $10-12m in cash reserves: $10.8m + $2.1m (at 6/2011) - underwriting costs - 6 months running costs).
This gives a cash backing of 4-5c per share, and an enterprise value of 5-8c per share......... which is not a lot. The market has significantly underpriced this, for the moment.

An underwriting arrangement may be one way for a significant stakeholder to take a position.