* Revenue $1.14B, EPS $0.43
* Crypto revenue -41% YoY (ouch)
The real shit:
1. Crypto down bad
2. Prediction markets are getting sued everywhere
3. MAU down YoY, but AUC up 46%
Options: IV 75%, expected move \~9%, IV crush incoming
Bottom line: Q4 was crypto hype, Q1 is hangover. Super app or crypto casino? We'll find out today.
