Webull's Crypto Trading Made Up About 1% of Record $198M Q2 Revenue, Cointelegraph Reports

3 min readPublished 23 Aug 2026

Webull’s crypto trading desk brought in roughly $2.25 million during the second quarter of 2026, a little over 1% of the brokerage’s record $198 million in quarterly revenue, according to Cointelegraph, which cited the company’s Wednesday earnings release. The bulk of the quarter came from elsewhere: equity and options trading generated $112 million, about 56% of the total, Cointelegraph reported.

Webull’s overall results were strong enough to move the stock. Cointelegraph reported shares rose 8.9% on Wednesday and were up nearly 15% in pre-market trading Thursday, changing hands at $9.98 as of 10:37 am UTC.

What the earnings release showed

Cointelegraph said Webull’s revenue for the quarter was up 51% year-over-year. Crypto Briefing, in a separate report on the same earnings release, also put the year-over-year growth at 51%, describing it as the company’s best quarter on record. Crypto Briefing additionally reported Webull posted a record $62.6 million in operating profit for the period.

Crypto Briefing reported that Wall Street had expected revenue somewhere between $175 million and $183 million, with earnings-per-share estimates around $0.03, and that Webull beat the top of that range by roughly $16 million. Cointelegraph, drawing on analyst estimates compiled by Yahoo Finance, put the consensus figure at $194.5 million and said Webull’s result came in slightly above it. Neither outlet reconciles the other’s estimate — the two consensus figures cannot both be checked against each other from the evidence available.

Crypto Briefing also reported that Webull’s Q1 2026 revenue was $159.9 million, a 36% year-over-year increase, with $14.8 million in adjusted operating profit that quarter — context that does not appear in Cointelegraph’s report.

The crypto commentary

Cointelegraph reported that Webull president and director Anthony Michael Denier addressed crypto trading directly on the company’s Wednesday earnings call. Denier said he was starting to see

“the clouds start to part in the crypto business”

for the first time in roughly nine months, according to Cointelegraph. He also said, per Cointelegraph, that Webull was gradually rolling out crypto deposit and withdrawal capabilities. No other outlet in this review reported the quote or the rollout detail.

Cointelegraph drew a comparison to Robinhood, another online brokerage that posted record quarterly results on July 30. According to Cointelegraph, Robinhood’s crypto transaction revenue fell 38% to $100 million, down from about $160 million a year earlier. That comparison — a much larger crypto book at Robinhood that is shrinking, against a much smaller one at Webull whose direction is unclear — appears only in Cointelegraph’s report.

Where the reports agree, and where they don’t

Both outlets that filed full reports on Webull’s earnings agree the quarter was a record and that revenue grew 51% year-over-year. They diverge on the exact revenue total: Cointelegraph put it at $198 million, while Crypto Briefing reported $198.8 million. The evidence available does not explain the gap.

The crypto-specific breakdown — the $2.25 million figure, the 1% share, the Denier quote, and the Robinhood comparison — comes from Cointelegraph alone. Crypto Briefing’s report does not mention crypto trading revenue at all, focusing instead on the earnings beat, the $62.6 million operating profit figure, and the sequential jump from Webull’s Q1 2026 results. Neither report can be used to confirm the other’s crypto-specific claims.

What’s unresolved

Cointelegraph said it had approached Webull for more detail on how the $2.25 million crypto figure compares to prior quarters and had not received additional information by publication. That leaves open whether Webull’s crypto revenue is growing, shrinking, or holding steady — a trend line that is clear for Robinhood, per Cointelegraph’s reporting, but not established for Webull. The exact size of Webull’s total Q2 revenue also remains an open question given the $198 million versus $198.8 million discrepancy between the two reports.

Why it matters

Webull’s quarter lands amid a broader retail-trading rebound, but the numbers as reported show crypto remains a small slice of a fast-growing brokerage’s business even as its president signals more crypto services are coming. The contrast with Robinhood’s much larger but declining crypto revenue, as reported by Cointelegraph, illustrates how differently two major retail platforms’ crypto businesses are trending — a distinction that only becomes visible when the two companies’ disclosures are read together.