What are call warrants and put warrants? Based on the different rights of buying or selling, warrants can be classified into call warrants and put warrants, also known as bullish warrants and bearish warrants. The holder of a call warrant has the right to purchase the underlying securities from the issuer at an agreed price within a specified period or on the expiration date. On the other hand, the holder of a put warrant has the right to sell the underlying securities..... Securities Basic Knowledge - Stock Trading Knowledge Network