That's right, I maxed out my Roth IRA last year and this year and all that money is in warrants. Will be nice not paying any capital gains down the road when they are worth a lot more! I also have warrants in regular non-retirement account, but will worry about the capital gains on those when the time comes, and it's a nice problem to have whatever the taxes end up being on those. At least some portion of my warrants will be tax free!