Webull Is Pulling Back from Its Triple-Digit SPAC Debut — But What Were Investors Buying, Really?
After initially sprinting and bucking out of the bull gate, brokerage app WebullBULL 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 theHOOD: Analysts have compared Webull to RobinhoodHOOD, 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.