Webull’s crypto arm generated roughly $2.25 million in revenue in Q2 2026 — a welcome uptick but still a minor piece of an otherwise blockbuster quarter for the brokerage. Key takeaways - Crypto revenue: ~$2.25M in Q2 2026, about 1.1% of total revenue. Figure disclosed on the Aug. 19 earnings call by President and Director Anthony Denier; the formal release did not break out crypto as a separate line. - Company-wide results: Record revenue of $198.8M (+51% YoY), beating estimates; trading-related revenue rose 66% to $147.7M. - Profitability: Net income attributable to the company was $24.4M (vs. a $28.3M loss a year earlier). Adjusted operating profit was $62.6M, a 31.5% margin. - User and volume growth: Customer assets jumped 79% to $28.5B; registered users climbed to 28.2M (+13%); funded accounts to 5.13M (+8%). Equity notional volume: $279B (+73% YoY). Options: 213M contracts (+68%). Daily average revenue trades rose 62% to 1.6M. Crypto’s small but improving role Although Webull posted a record quarter, crypto trading accounted for a sliver of that growth. Equity and options trading were the main drivers (about $112M combined, roughly 56% of revenues). Still, management signaled the crypto business is showing signs of life after a weak stretch. “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 on the call — a cautious optimism rather than a formal forecast. The company didn’t provide crypto totals for the prior quarter or year-ago period, so the scale of any recovery is hard to quantify. Product moves and international push Webull is gradually enabling crypto deposit and withdrawal functionality so users can move tokens to external wallets — a move that could boost activity and customer utility once fully rolled out. Management provided no timeline, asset list, or regional rollout schedule; the feature is being introduced incrementally. Other crypto-related steps: - Webull returned crypto trading to its U.S. platform in August 2025 after consolidating its crypto entities. - It offers crypto futures via a partnership with Coinbase Derivatives. - In July, Webull’s European arm received authorization to provide regulated crypto custody under the EU’s Markets in Crypto Assets (MiCA) rules and plans to launch crypto operations in late 2026, starting in the Netherlands. Regulation and trading trends Webull attributed some of its trading growth to changes in U.S. day-trading rules. FINRA replaced the old pattern day trader regime on June 4 with new intraday standards, effectively removing the $25,000 minimum equity threshold tied to trade counts; brokerages have until Oct. 20, 2027, to complete transitions. Webull said its systems supported the new environment from the effective date, and management linked the rule change to higher activity — though it didn’t quantify how much additional revenue stemmed from those revised standards. How Webull compares to peers Weak crypto trading has been a theme across U.S. brokers. For example, Robinhood’s crypto revenue fell 38% to $100M in the same quarter, even as Robinhood reported much larger total revenue. Both firms’ results underscore that strong overall brokerage performance can come from equities and options growth even when crypto activity lags. Market reaction and outlook Shares rose roughly 9% to $8.64 on Aug. 20 after the results. Investors will be watching Q3 for signs that deposit/withdrawal functionality and improving crypto market conditions translate into meaningful trading revenue. Webull has not offered crypto-specific guidance or comparable quarterly crypto figures, so the “recovery” remains an observational claim until more data is released. Strategic focus Crypto is positioned as an incremental growth channel rather than the core engine for now. Webull’s broader strategy emphasizes active trading, international expansion, artificial intelligence, and institutional services — with crypto adding optionality as the company scales. Bottom line: Webull’s crypto business is recovering from a weak period but remains a small contributor to revenue. The next few quarters — especially after deposit/withdrawal capabilities roll out and EU operations begin — will be important to test whether the upbeat tone from management translates into material crypto revenue growth. Read more AI-generated news on: undefined/news