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MarketsApr 16, 2025

Webull Is Pulling Back from Its Triple-Digit SPAC Debut — But What Were Investors Buying, Really?

Fintech Valuation

Noah Weidner

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After initially sprinting and bucking out of the bull gate, brokerage app Webull has begun to retreat from its 375% debut rally, ending Wednesday around a $16B valuation. That’s still more than double the price that SPAC sponsor SK Group brought it public at. So, what are investors really buying?

In an investor presentation, Webull revealed that it had 23.3M users across 12 major markets as of the end of 2024 — but just 4.7M funded accounts with $13.6B in customer assets.
Despite a rise in trading activity and a refreshed subscription service, the company said total revenues were essentially flat year-over-year in 2024 — coming out to $390.2M.

Investors in the: Analysts have compared Webull to Robinhood, the brokerage darling that popularized no-fee trading and pandemic stock speculation. Webull has even borrowed from Robinhood’s playbook, rolling out similar features like a deposit match — though with limited fanfare. Robinhood has 25.2M funded customers, which boast $193B in assets under custody. And in Q4, it drew over $1B in revenue — good for $2.95B in FY 2024. So while Group President and US CEO Anthony Denier insists Webull investors are “much more intellectual” than Robinhood’s, it’s clear they’re not exactly as affluent.