You may be right, but assuming you think the SP is going to go...

You may be right, but assuming you think the SP is going to go up, then the potential gains are much higher if you don’t convert straightaway.
I’ll also be buying more options when they start trading.

For example, compare buying the heads at 3c, to buying the options at 1c.
If the heads go to 9c the options would likely go to approx 7c.
A 300% gain for the heads, but a 700% gain for the options.

I’ve seen it happen with my AVZ, ASN and LKE options, I’m also currently betting the same will happen with my TYX and DTM options.