How Is an Airdrop on a Cryptocurrency Analogous to a Dividend in Traditional Finance for Option Holders?

An airdrop, where new tokens are distributed to holders of an existing cryptocurrency, is analogous to a stock dividend. Both represent a distribution of value from the underlying asset to its owners.

An American call option holder might choose to exercise early to ensure they are a registered holder of the underlying crypto before the airdrop snapshot, thus capturing the new token value.