Who Loses If $GME Warrants Expire Worthless? Everyone's watching the October 30 expiry and asking why Ryan Cohen isn't doing anything. Wrong question. The right question: who has the most to lose? One month ago, GameStop completed a convertible note exchange. Bondholders surrendered safe, interest-bearing debt for 55 million shares of GME equity at ~$18 VWAP. These same bondholders also hold warrants from the October 2025 distribution, allocated on an as-converted basis. Their decision to take equity over bonds wasn't charity. It was a calculated bet on total return: shares PLUS warrants. The warrant upside was baked into the conversion math. If those warrants expire at zero: - The risk-adjusted return on their conversion collapses - A stock dip below $18 puts them underwater on the whole trade - Cohen loses institutional credibility heading into the biggest acquisition bid of his career Meanwhile, Cohen has been buying shares on the open market, just accumulation and silence. He designed this instrument. He knows the bondholder math. He knows the expiry date. He issued the warrants to those same bondholders. He doesn’t need to print warrants ITM for retail alone. He needs to for the holders he convinced to go from Arb trade to full long. So either the architect of this entire capital structure is about to burn every institutional ally he needs for a $56 billion hostile bid for $EBAY. Or something is coming. Eight days.