Webull reported a record $198 million in second-quarter revenue, with cryptocurrency trading contributing approximately $2.25 million, or just over 1% of the total. Equity and options trading accounted for a significantly larger portion of the platform's income.
The report highlights the current limited contribution of cryptocurrency trading to the revenue of major online brokerages, even as platforms like Webull begin to expand their digital asset offerings.
Webull announced record revenue of $198 million for the second quarter, with cryptocurrency trading contributing a modest $2.25 million, or just over 1% of the total. This contrasts with equity and options trading, which generated $112 million, representing 56% of the platform's income.
The online brokerage and digital trading platform's revenue saw a 51% year-over-year increase. Despite the low contribution from crypto, Webull president Anthony Michael Denier expressed a positive outlook for the crypto business, noting that the company is gradually implementing crypto deposit and withdrawal capabilities.
In comparison, rival Robinhood reported its crypto transaction revenue fell 38% to $100 million in its latest quarter. Webull's quarterly revenue slightly surpassed Wall Street consensus estimates. Following the earnings release, Webull's stock price saw an increase.