Webull Achieves Highest-Ever Quarterly Revenue of $2.25 Million from Crypto Trading
During the second quarter of 2026, Webull’s crypto revenue hit approximately $2.25 million, which constitutes just over 1% of the online brokerage’s impressive total revenue of $198.8 million.
Summary
- Crypto trading reportedly generated around $2.25 million, representing just over 1% of Webull’s quarterly revenue.
- Webull achieved a record quarterly revenue of $198.8 million, marking a 51% increase from the same quarter last year.
- Combined equity and options trading yielded about $112 million, accounting for 56% of total quarterly revenue.
- Webull is gradually implementing cryptocurrency deposit and withdrawal features, though no completion schedule has been shared.
- Total customer assets reached $28.5 billion as funded accounts rose 8% to 5.13 million globally.
President and director Anthony Denier revealed the cryptocurrency figures during Webull’s earnings call on August 19. The company’s official financial report did not distinguish cryptocurrency trading as a separate revenue source.
For the three months ending June 30, total revenue increased by 51% compared to the previous year and by 24% from the preceding quarter. Revenue generated from trading advanced by 66% to $147.7 million, as per Webull’s announcement.
Webull crypto remains modest compared to stocks and options
Equity and options trading produced approximately $112 million, which made up about 56% of the total revenue. The contribution from crypto trading, approximately $2.25 million, accounted for around 1.1% of the quarterly total.
This comparison illustrates that Webull’s remarkable quarter was primarily fueled by its conventional brokerage activities, not its digital assets. The notional volume for equities surged by 73% year-over-year to $279 billion, while options volume rose by 68% to 213 million contracts.
The daily average revenue trades increased by 62% to 1.6 million. Webull attributed part of this growth to updated active trader functions implemented following changes to U.S. pattern day trader regulations on June 4.
FINRA replaced its former day trading margin requirements with new intraday standards, eliminating the pattern day trader designation based on trade counts and the associated $25,000 minimum equity requirement, although brokerages have until October 20, 2027, to complete their adjustments.
Webull stated that its technology adapted to support the new environment from the effective date. While management’s statement links the rule change to boosted activity, the company did not quantify how much of the quarterly revenue directly resulted from the revisions.
Management sees early signs of a crypto recovery
Denier characterized the cryptocurrency sector as underwhelming in recent quarters, but noted signs of improvement.
“For the first time in the past nine months, I am starting to see the clouds begin to part in the crypto business,” Denier commented.
This statement reflects management’s present outlook, rather than a forecast supported by formal revenue guidance. Webull has not disclosed its crypto revenue for the previous quarter or the equivalent period in 2025, making it challenging to gauge the extent of any recovery.
The sluggish performance in crypto trading has also impacted competitive U.S. brokerages. As reported by crypto.news, Robinhood’s crypto revenue declined by 38% to $100 million during the same quarter, despite a total revenue of $1.31 billion.
Though Robinhood generated a considerably larger share of its revenue from cryptocurrency than Webull, both companies’ results demonstrate that record brokerage revenue does not necessarily rely on increasing crypto transaction income when equities, options, and other products are thriving.
Crypto deposits and withdrawals undergo gradual introduction
Webull is slowly rolling out features for depositing and withdrawing cryptocurrency, as indicated by Denier during the earnings call. This capability will enable users to transfer assets between Webull and external wallets, rather than being restricted to transactions within the platform.
The company has yet to announce a completion timeline or a comprehensive list of supported assets and regions for the initial rollout. Denier described the feature’s introduction as gradual, leaving its potential impact on trading revenue unclear.
After consolidating its crypto entities, Webull reinstated cryptocurrency trading on its U.S. platform in August 2025. The company also provides cryptocurrency futures through a partnership with Coinbase Derivatives.
Expanding internationally could represent another avenue for growth. In July, Webull received authorization to deliver regulated crypto custody services in the European Union under the Markets in Crypto Assets Regulation. The European division announced plans to launch crypto operations in late 2026, initially in the Netherlands, with further expansion planned.
Record revenue propels Webull to quarterly profit
Webull reported a net income attributable to the company of $24.4 million, reversing a loss of $28.3 million from the same quarter in 2025. Pretax income reached $34.7 million, compared to a loss of $21.4 million a year prior.
Adjusted net income, excluding certain costs and currency fluctuations, increased to $43.2 million from $15.4 million. Adjusted operating profit reached $62.6 million, resulting in an adjusted operating margin of 31.5%.
The total customer assets rose by 79% to $28.5 billion. Registered users grew by 13% to 28.2 million, while funded accounts increased by 8% to 5.13 million.
Webull shares rose approximately 8.95% to $8.64 following the earnings release checked on August 20. This increase, however, may reflect broader market conditions and investor sentiment, as well as company performance.
What’s next for Webull’s crypto operations
Investors will monitor whether the introduction of deposits and withdrawals will lead to increased trading activity in the third quarter. The upcoming results should clarify if the improvement noted by Denier results in a more significant revenue share.
Webull has not provided specific guidance for its cryptocurrency segment or a target for its performance. Without comparable quarterly figures, it remains challenging to evaluate the asserted recovery.
The company’s overarching strategy focuses on active trading, international expansion, artificial intelligence, and institutional services. While cryptocurrency offers additional growth potential, the Q2 results indicate it is not yet a significant contributor to Webull’s overall revenue.