Webull crypto revenue hits $2.25M, 1% of record $198.8M quarter

Webull generated roughly $2.25 million in cryptocurrency trading revenue during the second quarter of 2026. The crypto revenue accounted for just over 1% of the brokerage's record $198.8 million in total revenue.

President and director Anthony Denier disclosed the crypto figure during Webull's Aug. 19 earnings call. The company's formal financial release did not report cryptocurrency trading as a separate revenue line.

Total revenue for the three months ended June 30 increased 51% from a year earlier and 24% from the previous quarter. Trading-related revenue rose 66% to $147.7 million, according to Webull's release.

Equity and options trading generated approximately $112 million, about 56% of the quarterly total. Crypto's $2.25 million contribution equaled about 1.1%. Traditional brokerage operations drove Webull's record quarter, not digital assets. Equity notional volume climbed 73% from a year earlier to $279 billion. Options volume increased 68% to 213 million contracts.

Daily average revenue trades rose 62% to 1.6 million. Webull attributed part of the growth to updated active trader functions introduced after the U.S. pattern day trader requirements changed on June 4. FINRA replaced its former day trading margin requirements with new intraday standards. The change removed the pattern day trader designation based on trade counts and ended the related $25,000 minimum equity requirement. Brokerages have until Oct. 20, 2027, to complete their transition.

Webull said its technology supported the new environment from the effective date. Management's statement links the rule change to increased activity. The company did not quantify how much quarterly revenue came directly from the revised standards.

Denier described cryptocurrency as a disappointing business during recent quarters. He said conditions had started improving.

“For the first time, probably in the last nine months, I am starting to see the clouds start to part in the crypto business,” Denier said.

The statement reflects management's current assessment, not a forecast supported by formal revenue guidance. Webull did not provide its crypto revenue for the previous quarter or the comparable 2025 period, making the scale of any recovery difficult to measure.

Weak crypto trading has also affected competing U.S. brokerages. As crypto.news reported, Robinhood's crypto revenue fell 38% to $100 million during the same quarter even as the platform recorded $1.31 billion in total revenue. Robinhood generated a much larger share of its revenue from cryptocurrency than Webull.

Webull is gradually introducing the ability to deposit and withdraw cryptocurrency, Denier said during the earnings call. Such transfers would allow users to move assets between Webull and external wallets instead of limiting activity to purchases and sales inside the platform. The company has not announced a completion date or a full list of supported assets. The initial rollout regions also remain unspecified. Denier described the feature as being introduced gradually, leaving its potential effect on trading revenue uncertain.

Webull returned cryptocurrency trading to its U.S. platform in August 2025 after consolidating its crypto entities. The company also offers cryptocurrency futures through a partnership with Coinbase Derivatives.

International expansion could add another route for growth. Webull received authorization in July to provide regulated crypto custody services in the European Union under the Markets in Crypto Assets Regulation. Its European unit said it plans to launch crypto operations in late 2026, initially through the Netherlands before expanding elsewhere.

Webull reported net income attributable to the company of $24.4 million, reversing a $28.3 million loss in the comparable quarter of 2025. Pretax income reached $34.7 million, compared with a $21.4 million loss one year earlier. Adjusted net income, which excludes selected costs and currency effects, rose to $43.2 million from $15.4 million. Adjusted operating profit reached $62.6 million, giving Webull an adjusted operating margin of 31.5%.

Customer assets increased 79% to $28.5 billion. Registered users grew 13% to 28.2 million. Funded accounts increased 8% to 5.13 million.

Webull shares gained about 8.95% to $8.64 when checked on Aug. 20. The move followed the earnings release. Short-term share price changes can reflect broader market conditions and investor positioning as well as company results.

Webull has not provided separate crypto guidance or a target for the business. Until it reports comparable quarterly figures, the recovery claim will remain difficult to test.