Crypto20 August, 20262 min read
Webull Reports Record $198.8 Million Q2 Revenue as Crypto Trading Adds $2.25 Million
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Webull reported record Q2 revenue of $198.8 million, up 51% year over year. Cryptocurrency trading generated about $2.25 million, roughly 1% of Q2 revenue.
8 outlets told this the same way.
Webull’s crypto revenue slice
Webull reported record second-quarter 2026 revenue of $198.8 million, and its cryptocurrency trading generated $2.25 million, or just over 1% of that total. In the same quarter, Webull said revenue was up 51% year over year, and the company attributed the broader results to stock and options trading that generated $112 million of quarterly revenue, or about 56% of the total $198 million.
Cointelegraph quoted Webull president and director Anthony Michael Denier saying, "For the first time, probably in the last nine months, I am starting to see the clouds start to part in the crypto business, and that is a very positive thing," during a Wednesday earnings call. Denier also said Webull was in the process of gradually rolling out crypto deposit and withdrawal capabilities, as the company’s crypto contribution remained a small portion of its overall revenue.
PDT rule lifts trading
Webull’s Q2 2026 results were tied to the SEC’s elimination of the Pattern Day Trader Rule, with the change becoming effective on June 4. In its earnings-call transcript, Webull said, "From the moment the rule change took effect, Webull's advanced technology platform enabled every qualified customer to place unlimited day trades," linking the operational shift to increased activity.
24/7 Wall St. said Webull shares were up 7% to $8.49 ahead of the company’s Q2 2026 earnings report after the close, and it described the setup as a crypto catalyst convergence with Robinhood’s tokenization push. The same 24/7 Wall St. piece reported that Bitcoin was trading around $68,500, up 6% over the past 24 hours, as retail brokerage stocks rallied midday Wednesday.
Tokenization and crypto-linked stocks
While Webull’s crypto revenue was about 1% of its $198 million Q2 total, 24/7 Wall St. said Robinhood Markets stock was climbing 7% to $98.45 as CEO Vlad Tenev pushed U.S. regulators to approve tokenized stocks. Tenev argued in a post on X that the United States risks ceding next-generation financial market infrastructure, adding, "It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind."
“It would be a strange outcome if the rest of the world could build the future of ownership around American assets while Americans themselves were left behind.”
The same report said Coinbase shares were up 11% to $163.32, extending a sharp bounce for the largest U.S. crypto exchange, and it pointed to a broader crypto rally rather than a company-specific catalyst. In parallel, 24/7 Wall St. said the ARK Fintech Innovation ETF (NYSEARCA:ARKF) was up 4% to $44.2, tracking fintech and crypto-linked names inside the portfolio.