Webull has emerged as a major player in the brokerage industry, offering commission-free trading, advanced features, and a user-friendly platform. The platform has gained a significant customer base in the US, attracting both novice and experienced investors.
In this article, we’ll take a closer look at Webull’s most important statistics, including its assets under management (AUM), user base, revenue, and other key metrics.
Additionally, we will explore the importance of understanding Webull’s business model and how it generates revenue to sustain its services.
Overview
Webull Financial LLC is a US-registered online trading platform known for commission-free trading and a wide range of investment products, including stocks, options, ETFs, and crypto. Founded in 2017 by Alibaba and Xiaomi alum Wang Anquan, Webull is regulated by the SEC and FINRA, and operates legally as a limited liability company in New York.
Despite having a Chinese holding company, Webull functions under US law, offering investors access to American markets through a user-friendly platform with powerful trading tools, appealing to both beginners and seasoned traders.
Here are some key corporate facts about Webull:
- Founded in: 2017
- Headquarters: Wall Street, New York, US
- Listed: NASDAQ
- Ticker: BULL
- Sector: Financials
- Industry: Investment Banking and Brokerage
- Founder: Wang Anquan
- Countries: Licensed in 12 markets and operating in 14 regions, including:
- Number of employees: +470 employees (Based on the company’s LinkedIn April 2025)
Webull ownership
After the merger with SK Growth Opportunities Corporation, the pro forma ownership of the combined entity is projected as follows:
Webull ownership structure
| Shareholder Type | Ownership % | Approx. Shares |
| Webull Shareholders | 97.6% | 500 million |
| SPAC Shareholders | 2.0% | 10 million |
| SPAC Sponsor | 0.5% | 2.5 million |
| Total Outstanding Shares | 512.5 million | |
- Total Shares Outstanding (Post-merger): 512.5 million
- Implied Market Cap: $5.125 billion
- Implied Enterprise Value: $4.699 billion
- Cash on Balance Sheet (post-merger): ~$426 million
Key notes
- Webull’s existing shareholders are rolling over 100% of their equity into the combined company.
- The merger was structured through a SPAC (Special Purpose Acquisition Company) process with SK Growth Opportunities Corp.
- The ticker for the merged entity is “BULL” on the Nasdaq (as of April 2025).
Webull users metrics
User growth: From 16.2M registered users at end of 2022 to 23.3M in 2024. Retention remains extremely strong, consistently above 97% quarterly.
| Metric | 2022 | 2023 | 2024 |
| Registered Users | 16.2M | 19.8M | 23.3M |
| Funded Accounts | 3.7M | 4.3M | 4.7M |
| Quarterly Retention Rate | ~97.8% | ~97.9% | 98% |
| App Downloads (Cumulative) | ~30M | ~40M | 50M+ |
| DARTs (Daily Avg. Revenue Trades) | Not disclosed | Not disclosed | 693K |
Source: Investor Presentation, as of March 2025.
Webull AUM
| Date | AUM |
| Dec 2022 | $5.9 billion |
| Dec 2023 | $8.2 billion |
| Dec 2024 | $13.6 billion |
Source: Investor Presentation, as of March 2025.
Webull revenue
Webull projected $390.2 million in revenue for the full year 2024, which the company noted would be roughly flat compared to 2023. This suggests minimal year-over-year revenue growth and may indicate a plateau in monetization despite user base expansion or other metrics.
| Year | 2022 | 2023 | 2024 |
| Order flow rebates | $279.0M | $192.2M | $197.1M |
| Interest-related income | $91.9M | $155.8M | $130.5M |
| Handling charges | $8.5M | $30.7M | $49.0M |
| Other revenues | $9.0M | $10.9M | $13.7M |
| Total revenue | $388.3M | $389.6M | $390.2M |
Source: Investor Presentation, as of March 2025.
Webull profitability
Profitability is declining, mainly due to:
- Expansion into new markets (from 3 to 12 licensed markets since 2022)
- Rising operating expenses, especially in tech, admin, and international operations
| Year | 2022 | 2023 | 2024 |
| Adjusted Operating Income | $98.6M | $52.4M | $18.2M |
| Adjusted Operating Margin | 25.4% | 13.4% | 4.7% |
Source: Investor Presentation, as of March 2025.
Webull business model
To understand how the company generates revenue, let’s take a closer look at Webull’s business model. Despite offering commission-free trading, Webull makes money in several ways, including:
- Margin lending: Webull offers margin lending services to investors who want to trade more than they can afford.
- Securities lending (Short selling): Webull charges a fee for short selling, which involves lending out shares of stocks to investors, and those investors pay a fee to borrow shares.
- Premium subscriptions: Webull offers a paid subscription service that provides users with additional features and data, such as real-time market data, research reports, and Level 2 market data.
- Payment for order flow: Similar to other online brokers, Webull generates revenue by directing order flow to market makers. For instance, when a user places a trade, the market maker pays Webull (a very small fraction) for the right to execute the order.
- Other fees: Webull charges miscellaneous trading-related fees, such as transfer fees and deposit and withdrawal fees (depending on the method used).
Conclusion
In summary, Webull has quickly established itself as a strong competitor in the online brokerage industry by providing commission-free trading services to investors. Despite being founded years after Robinhood, Webull has managed to capture a significant market share and emerge as a direct competitor to Robinhood. This was mainly due to its user-friendly platform and focus on providing a range of investment options that attracted both new and professional investors.
As Webull continues to expand its assets under management (AUM) and user base, it has the potential to become one of the largest brokers in the industry, capitalizing on the growing demand for commission-free trading.
FAQs
Who Is the CEO of Webull?
Webull’s CEO is Anthony Denier.
Is Webull Safe? Is my money with Webull protected?
Webull is a member of SIPC, which protects securities customers of its members up to $500,000 ($250,000 of cash) in the event of a financially troubled SIPC-member brokerage firm. Webull’s clearing firm, Apex Clearing, has purchased an additional insurance policy that provides protection for securities and cash up to an aggregate of $150 million, subject to maximum limits of $37.5 million for any one customer’s securities and $900,000 for any one customer’s cash. However, it’s important to note that this insurance does not protect against a loss in the market value of securities.
Is Webull regulated?
Webull Financial LLC is registered with the Securities and Exchange Commission (SEC) and is also a member of several other regulatory organizations such as FINRA, SIPC, NYSE, NASDAQ, and Cboe EDGX Exchange (CBOE EDGX).
What is the Webull referral program and how does it work?
Webull offers a referral program where users can receive up to 12 free stocks by meeting certain criteria. For more information, you can read our Webull referral bonus article.
Is Webull available in my country?
Webull is currently only available in the United States, and very few other countries, for a list of alternatives you can check our list of Webull alternatives.
