Webull generated $2.25 million in crypto revenue during the second quarter of 2026, representing 1.13 percent of the brokerage platform's record $198.8 million in total quarterly revenue, according to the company's earnings announcement released on August 19.
The figure marks the first material disclosure of crypto revenue from Webull, a retail trading platform with 21.8 million registered users. Total revenue climbed 51 percent year-over-year, driven primarily by increased options and forex trading volumes as well as a doubling of financial advisory assets under management. The crypto segment emerged as Webull expanded its digital asset offerings, though the absolute dollar amount remains modest compared to the platform's core equities and derivatives business.
Webull President Anthony Denier said crypto engagement grew as retail investors sought exposure to digital assets during a period of macro uncertainty. The company does not break out user counts or transaction volumes specific to its crypto product, making the revenue figure the only publicly available metric of its crypto unit's scale. Webull has not disclosed whether it operates its own crypto exchange or routes orders to third-party custodians and exchanges.
For context, crypto trading and custody platforms like Kraken and Gemini report quarterly revenues in the tens of millions of dollars, though they operate as dedicated crypto businesses rather than multi-asset brokerages. Robinhood, a retail trading competitor, reported $1.02 billion in total net revenue for Q2 2026 but has not separately itemized crypto revenue in recent filings.
Webull's crypto offering competes in a segment where retail demand remains price-sensitive and concentrated among retail traders during periods of price appreciation. The $2.25 million quarterly figure places the product at an early stage of monetization relative to the platform's total user count.
Crypto revenue grew from a negligible base to $2.25 million in a single quarter. If Webull's crypto revenue grows at the same 51 percent rate as its overall business, the segment would reach roughly $3.38 million by Q3 2026, though no guidance on crypto growth specifically was provided in the earnings call.
The metric to watch is whether Webull discloses crypto revenue separately in Q3 results or groups it into a broader category, as that choice will determine whether investors can track the segment's growth trajectory independently.
