Webull's Record Q2 Revenue Boosted by Equity Trading, Crypto Remains Modest Contribution
Webull's second-quarter revenue hit a record $198 million, up 51% from last year. The company attributed much of its success to equity and options trading, which generated $112 million or about 56% of total income.
Crypto trading made up only a small fraction of the platform's revenue at just over 1%, amounting to $2.25 million for the quarter.
This is a relatively modest contribution from cryptocurrency transactions compared to other sources of income, but Webull is still investing in expanding its crypto services. The company announced that it is gradually rolling out deposit and withdrawal capabilities for cryptocurrencies, although no specific timeline was given.
In comparison, rival online brokerage Robinhood reported record quarterly results as well, but its crypto transaction revenue fell 38% to $100 million from about $160 million a year earlier.