For the sake of clarity, there is a difference between exercising a warrant (i.e., converting an option to acquire a share of stock into an actual share of stock) by delivering money to CYDY for the exercise, which is occurring, and selling the share of stock acquired through the exercise of the warrant into the market.

We know the former is occurring. We can speculate that the latter is occurring, and it might be, but there are also good reasons for those exercising warrants to hold the newly acquired shares (e.g., LTCG treatment vs. ordinary income).