Appears to have bottomed after an 80% decline post-IPO and is now considered compelling due to new product catalysts and a lower valuation.

Experienced a significant decline, down 69.12% year-to-date, closing at $9.88. This represents a substantial capital destruction from its IPO price and indicates strong downward momentum. Investors should exercise caution.

The short thesis is playing out with the stock down significantly. The author suggests maintaining or initiating a short position due to declining trading fee revenue and no immediate reason to cover.