Webull Sees 300% Surge in Retail Crypto Orders After Pattern Day Trader Rule Repeal

Retail crypto orders surged by nearly 300% on Webull after the repeal of the pattern day trader rule, leading to a significant boost in revenue for the fintech broker.

Webull CEO Anthony Denier attributed the increase in buy-side orders for Bitcoin and Ethereum to the removal of the $25,000 minimum equity requirement. He stated that this move has unlocked a large cohort of users who can now day trade unrestricted assets.

This change directly contributed to Webull's revenue lift, with trading-related revenue climbing 66% year over year to $147.7 million in Q2. The company's Q2 report also showed daily average revenue trades hitting a record 1.6 million.

Rival fintech broker Robinhood Markets also benefited from the repeal, with its stock rising 7% to $110.97. This is a read-across from Webull's interview, as Robinhood has no company-specific catalyst today. The contrast between the flat coin tape and the broker rally highlights the importance of order flow and transaction volume for these companies.