Crypto Trading Accounted for Just Over 1% of Webull's Record $198M Q2 Revenue
Key Takeaways
- •Webull posted record Q2 2026 revenue of $198 million, up 51% year-over-year and slightly above the $194.5 million Wall Street consensus.
- •Cryptocurrency trading generated $2.25 million, a little over 1% of total revenue, while equities and options trading produced $112 million, or about 56%.
- •Webull is gradually rolling out cryptocurrency deposit and withdrawal capabilities, which were previously unavailable to its customers, and President Anthony Michael Denier signaled improving conditions in its crypto business.
- •Webull shares climbed 8.9% on Wednesday and rose nearly 15% in Thursday pre-market trading to $9.98.
- •Webull's crypto revenue equals roughly 2% of Robinhood's $100 million crypto transaction revenue, which fell 38% year-over-year despite Robinhood's own record quarterly results.
Online brokerage and digital trading platform Webull posted record revenue of $198 million for the second quarter of 2026, with cryptocurrency trading accounting for $2.25 million — a little over 1% of the total — according to its Wednesday earnings release. Webull, which listed on Nasdaq under the ticker BULL in April 2025 through a merger with a special purpose acquisition company, built its business primarily on commission-free equities, options and exchange-traded fund trading.
Revenue for the quarter rose 51% year-over-year. Equity and options trading remained the platform's dominant revenue source, generating $112 million, or about 56% of the $198 million total.
"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 that is a very positive thing," Webull president and director Anthony Michael Denier said during a Wednesday earnings call. He added that the company is in the process of gradually rolling out cryptocurrency deposit and withdrawal capabilities. Until now, Webull customers could buy and sell crypto inside the app but could not move coins to external wallets or other platforms — a constraint rival brokers moved past earlier, with Robinhood beginning the rollout of its crypto wallets feature in 2022.
The quarterly result came in slightly above the Wall Street consensus of $194.5 million, according to analyst estimates compiled by Yahoo Finance. Webull's share price rose 8.9% on Wednesday and was up nearly 15% in pre-market activity on Thursday, changing hands at $9.98 a share as of 10:37 am UTC.
Online brokerage Robinhood also posted record quarterly results on July 30, but its crypto transaction revenue fell 38% to $100 million, from about $160 million a year earlier, Cointelegraph reported. The comparison underscores how small Webull's digital asset business remains relative to its larger rival — its $2.25 million in crypto trading revenue equals roughly 2% of Robinhood's $100 million — while Robinhood's 38% decline also illustrates how transaction-based crypto income at retail brokerages swings with trading volumes and market conditions.
Cointelegraph has approached Webull for more details about its cryptocurrency trading revenue compared with previous quarters.
