It depends on what price you bought them for.
Also, although technically you could sell the Options and Buy heads for cheaper than converting to Heads and selling those... it requires the Liquidity which Options don't have.
If you had 5 million Options you wanted to sell, you might drop the price 15-20% because there is not as much liquidity in the Options
Whereas in the Heads, you could add them 1m at a time without it being felt. Thus maximizing the selling price.
NewTolts Options Post, page-8
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