BW Equities Research Report, page-30

They can be forgiven for not knowing that COVID would accelerate the growth in market share so drastically, and client cash balances too.

They were aware of the strong March only, and were expecting it to be fairly temporary.

Now from my perspective (of having 2 months more data), I think sign-ups kept up the strong rate for 2+ months after March, and I think April-May had similar trades volume to the high March, and I think June is beating it.

"Traders. We treat the recent monthly uplift in active traders (ie. March @ 6,275) as an aberration, and slowly moderate growth back to a more-sustainable ~1,500 additional active traders per month by June."

I estimate it as:
Jan +1740
Feb +2580
Mar +6275
Apr Est +6000
May Est +6000
Jun Est +5000

They were expecting sign-ups to have slowed in June back to pre-Jan numbers, but my expectation is a lot higher, and I guess the new funds buying in have higher expectations too.

Their $0.28 valuation would include sign-up numbers like this:
Jan +1740
Feb +2580
Mar +6275
Apr Est +4000
May Est +2500
Jun Est +1500