1) you don't "have" to hold warrants for 5 years.
Post# of 32626
2) base price of the warrants is determined by the underlying stock but on top of that you have speculation, bid and ask, just like you have for any security
3) people have varying expectations, think of different timeframes, so the evolution of the pps is as impossible to predict as is the one of the pps (even though most of us here are convinced we will go up in the long term)