Your math really doesn't matter to much. I think people get it.Your idea is brilliant and would help a lot of people out that might not have the money to exercise if warrants on any stock someone buys isn't cashless.

You would have short-term capital gains on a cashless exercise in a non-IRA account no matter how you do it unless I am missing something.

Forgot to add. I don't know what the fee is to exercise multiple transactions.