Crypto Drove Just 1% of Webull's Record $198M Q2 Revenue
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- Webull reported record Q2 revenue of $198 million, up 51% year-over-year and slightly above the $194.5 million Wall Street consensus from analyst estimates compiled by Yahoo Finance.
- Cryptocurrency trading generated just $2.25 million on Webull's platform, or a little over 1% of the quarter's revenue stream.
- Equity and options trading drove the quarter at $112 million, roughly 56% of the $198 million total.
- Webull president Anthony Michael Denier said on Wednesday's earnings call that "for the first time, probably in the last nine months, I am starting to see the clouds start to part in the crypto business" and noted the company is gradually rolling out crypto deposit and withdrawal capabilities.
- Robinhood, the comparable online brokerage, posted record quarterly results on July 30 but saw crypto transaction revenue fall 38% to $100 million from about $160 million a year earlier.
- Webull's stock rose 8.9% on Wednesday and climbed nearly 15% in pre-market activity Thursday, trading at $9.98 per share as of 10:37 am UTC.
Why it matters: Crypto contributed only ~1% of Webull's record quarter, meaning the real Q2 growth story is the 51% revenue surge driven by equities and options — not crypto exposure. The 38% collapse in Robinhood's crypto revenue underscores that weakness isn't Webull-specific, but Webull's tiny crypto base means even a strong rebound would barely dent the top line.
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