Is SWF Significantly Undervalued?, page-33

Exactly! Number of active traders is a highly misleading metric - I count as one although SWF hasn't earned a single $ of revenue from me in the last 12 months.

SWF had a limited window to increase revenue per customer and I think that they have lost the oppurtunity! The were first to market with fixed brokerage under a HIN model - spent the money educating the market and acquiring customers. Then it should have been a sprint to:

- Adapting the platform to attract and retain active traders (I can see why its not in their DNA and its understandable)
AND/OR
- Rapidly roll out additional services which can earn recurring revenue. They tried the best ideas ETF but that was destined to fail IMHO - look at the US for all the examples. The only ETFs which have gained traction in that subset are the hedge fund strategy replication ETFs, which have been fleeting as well.

Instead SWF got bogged down with sleepy tech and all they could do for the most part is route market orders to Openmarkets! Meanwhile, Stake and to some extent Superhero ate their lunch. Stake has out executed SWF and has a much bigger warchest!

Maybe SWF is a little cheap right now and could be a tactical buy. But with a 2 -3 year timeframe its demise as a standalone entity is almost certain, unless they have a new service in the works which we can't see coming. Putting BTC markets UI in an iframe with SWF skin is not going to cut it - it will just prolong the misery IMHO.