Webull reported record second-quarter revenue of $198 million, with cryptocurrency trading generating $2.25 million — about 1% of the total. The figures, released this week, give a rare look at how much digital assets actually contribute to a mainstream trading platform's bottom line.
A record quarter
The $198 million top line is a new high for Webull. The company didn't break out its business segments beyond the crypto number, but the overall revenue growth suggests the core brokerage business is performing well. Crypto, by contrast, remains a small piece of the pie.
Crypto's 1% slice
Crypto trading brought in $2.25 million during the quarter. That's just over 1% of the company's total revenue. For a firm that offers crypto trading, the number is modest — but it's also a clear signal that digital assets are not yet a meaningful revenue stream for Webull.
What the numbers don't say
The report doesn't include a quarter-over-quarter comparison for crypto revenue, so it's impossible to tell whether the business is growing or shrinking. It also doesn't say which digital assets were traded or how many customers used the service. Without that context, the $2.25 million is a single data point, not a trend.
Webull hasn't announced any plans to expand its crypto offerings. Its next earnings report will be the first chance to see whether the $2.25 million was a blip or the start of something bigger. For now, the 1% figure stands as a reminder that, at least at Webull, crypto is still a side business.
