Webull crypto revenue hits $2.25M in record Q2 as brokerage grows
Webull crypto revenue reached about $2.25 million in Q2 2026, a record quarter for the brokerage, according to figures disclosed on Aug. 19 earnings by President and director Anthony Denier. Webull crypto revenue accounted for just over 1% of total quarterly revenue of $198.8 million.
Total revenue rose 51% year-on-year. Trading-related revenue increased 66% to $147.7 million, with equity and options contributing roughly $112 million (about 56% of the quarter). Denier described crypto as disappointing in recent quarters, but said “clouds start to part” as early signs of improvement appear—without formal guidance or comparable prior-quarter crypto revenue disclosures.
Webull also pointed to broader catalysts for its active-trader growth. Equity notional volume climbed 73% to $279 billion, and options volume rose 68% to 213 million contracts. Management linked part of the activity increase to updated active trader functions after the U.S. pattern day trader requirements changed on June 4 via FINRA’s new intraday standards.
On crypto access, Webull said it is gradually rolling out cryptocurrency deposits and withdrawals so users can transfer assets to and from external wallets rather than only trading inside the platform. The company did not provide a rollout completion date, supported assets, or initial regions.
Bottom line for traders: the numbers show Webull crypto revenue remains small versus stocks/options, but the deposit/withdrawal upgrade and any recovery in crypto volumes could determine whether Webull’s crypto segment meaningfully expands in future quarters. Webull crypto revenue is still not reported as a standalone line in its formal financial release.
Neutral
Webull crypto revenue reached ~$2.25M, but it still makes up only ~1% of quarterly revenue, while stocks and options drive most results. That limits the immediate market impact: traders should not expect a broad rally purely from Webull’s crypto segment, especially when crypto volumes remain weaker relative to traditional markets.
However, the gradual rollout of crypto deposits and withdrawals is a constructive operational upgrade. Historically, when brokers expand wallet transfer capabilities, it can reduce friction and eventually support activity—similar to how increased product access (e.g., custody, trading rails, or faster on-ramps) has helped certain platforms regain engagement in prior cycle phases.
Short term, the message is mixed: management hints at a crypto recovery, but without quantified guidance and with no clear comparable growth trend in prior quarters. Long term, if deposit/withdrawal adoption lifts user trading and spreads liquidity across the platform, Webull could increase its crypto revenue contribution—though it still likely remains secondary to equities/options for some time.