[drinkzima]

This isn't actually true, because 409a valuations (where your options are struck) sit at what most would consider a meaningful discount to the actual value of the company (often 30-50% of the preferred, below where secondary is even happening in late stage companies).

That said, the strike does reduce the value of the options vs something like RSUs, but less than this comment infers.

[jdc]

Not only that, but it's kind of a nominal value. There's some shares you'd be lucky to find a buyer for.