Webull: A New Bet at the Intersection of Crypto and Retail Trading

With the crypto market reviving and regulators in the U.S. sounding more accommodative, mobile brokers are reshaping strategy. Crypto has stopped being a “nice-to-have” and is steadily turning into a channel for client acquisition, volumes, and fees.
On this pivot, Webull Corporation (ticker BULL) stands out—a company that began as a niche data provider and is now the second-largest mobile-first broker in the U.S., serving millions of retail accounts.
Its edge is execution speed, a clean interface, and a unified ecosystem built for high-velocity retail trading that wants everything in one app.

The return of round-the-clock crypto trading with coverage of more than 50 assets is a strong signal to Webull’s core audience. The relaunch was piloted in Brazil and backed by infrastructure changes that addressed prior bottlenecks. In retail, “one-tap entry” matters: when a 24/7 BTC, ETH, and SOL lane sits next to stocks and options, average activity and user retention typically rise.

For the broker, that translates into higher turnover, better LTV, and incremental revenue without diluting the core equities/options product. The caveat is crypto cyclicality, but in the current phase interest is returning—and the window is open again.

After its SPAC listing on April 11, attention to BULL spiked, then moved into a re-rating phase. The company met the market in solid operating shape: in Q2 2025, revenue grew 46% year over year to $131.5 million, with trading-related revenue up 63%. Expenses rose a moderate 20% to $108.2 million, enabling adjusted operating profit of $23.3 million and flipping adjusted net income to a $15.4 million profit from a loss.

Client assets hit a record $15.9 billion, up 64% year over year, with net deposits up 37%. Funded accounts reached 4.73 million and registered users nearly 25 million, underscoring a wide funnel and still-untapped conversion potential.

Trading activity backs the thesis: 127 million options contracts in the quarter and a 58% jump in equity notional to $161 billion. July was the highest-revenue month in company history, and by mid-Q3 assets had already topped $18 billion, setting a constructive tone for an already strong trajectory.

BULL’s chart reflects the volatility of a debut: after peaking near $79.56 the stock pulled back and stabilized around $14, yet it’s up about nine percent over the past month and nearly twenty percent off its 52-week low of $9.54. Indicators like an RSI near 60 suggest momentum is tilting bullish as the market attempts to build a base.
Valuation shows the advance in expectations: roughly 235x forward earnings and 17.8x sales is a notable premium to the sector. Investors are paying for operating leverage, crypto and international growth drivers, and the company’s ability to sustain retail activity without subsidizing with commissions.

The bet on overseas markets is becoming central. Licenses across fourteen jurisdictions—including Hong Kong, Singapore, Japan, the UK, and Australia—open segments where retail penetration is earlier than in the U.S.
These markets sit at a different point on the adoption curve and have less competitive density, implying lower acquisition costs and a better chance to entrench the brand. Product-wise, Webull shines where mobile experience, low friction, and an advanced options stack deliver clear differentiation versus local players.

Rosenblatt initiated with a “Buy” and a $19 target, anchoring its thesis on two pillars—crypto and expansion. Analyst Chris Brendler notes that crypto once contributed up to a fifth of revenue; while he isn’t modeling a full return to that level, a crypto renaissance can again act as a catalyst. International markets look even more attractive in his framework: less saturation, faster growth, and a durable contribution to revenue compounding above 25% annually through 2027, supported by operating leverage.

Street views remain measured but positive: a “Moderate Buy” from three recommendations, two of which are “Strong Buy,” and an average price target around $18.5, implying roughly a third of upside from current levels if momentum holds.

A roughly $7.2 billion market cap looks assertive but not excessive if Webull sustains growth in client assets and monetization of volumes. Forward earnings in 2025 may compress due to base effects and expansion spend—reflected in a profit outlook near $0.06 per share—before recovering to about $0.11 in 2026.

For a broker, the keys to re-rating are turnover, net inflows, and product depth. The crypto 24/7 relaunch, improved options pricing, and rising international mix each matter on their own, but together they create a “three-engine” effect that helps offset seasonality and the stop-start nature of retail activity.

The most obvious risk is the premium multiple, which demands clean execution each quarter. Any shortfall in activity, slower inflows, or a crypto pause can quickly show up in the numbers.
Regulation, while currently friendlier, still shifts—especially around staking, stablecoins, and capital requirements for broker-dealers.

Competitive pressure from Robinhood and regional fintechs remains, and marketing spend in a hot funnel can temporarily eat operating leverage. International expansion adds licenses, reporting, and local compliance, increasing managerial complexity

BULL fits investors who consciously accept fintech volatility and want exposure to retail flow and a “crypto delta” without moving into pure tokens. This is a story about user cohorts and unit economics, not classic brokerage spread. Watch three lines: the trajectory of client assets and net deposits, the share of monthly active users, and crypto’s contribution to revenue mix. If all three trend higher together, the valuation premium stays better defended.

Webull has found a resonance point between product and market. A mobile platform with deep options functionality, the return of 24/7 crypto, and disciplined international expansion form a combination rare in the post-SPAC landscape: accelerating revenue with controlled costs and record client assets. Yes, the multiples are rich and demand near-perfect execution, but these are exactly the kinds of stories markets reward when interest in trading is rebounding.

For investors comfortable with valuation and regulatory risk, BULL looks like a concentrated wager on the “retail renaissance” of the crypto cycle and the globalization of mobile brokerage.