Cryptocurrency trading accounted for just over 1% of Webull’s record quarterly revenue, which rose 51% year-over-year.
Webull reported record second-quarter revenue of $198 million, a 51% increase from the same period last year. Cryptocurrency trading contributed $2.25 million, or about 1% of total revenue, while equity and options trading generated $112 million, or 56% of the total.
The company’s revenue slightly exceeded Wall Street estimates of $194.5 million. Webull’s president noted improving conditions in the crypto business, including plans to roll out deposit and withdrawal capabilities.
Robinhood, another online brokerage, reported a 38% decline in crypto transaction revenue to $100 million for the quarter.