Webull Corp. (NASDAQ:BULL) shares are trading higher Thursday. Trading volume has spiked to over 24 million shares traded, well above its 100-day average of around 10 million. Here’s a look at what may be driving the increase in investor interest.
What To Know: The move comes on the heels of a rally in Robinhood Markets Inc. (NASDAQ:HOOD) shares, which hit all-time highs this week after it announced an expansion of cryptocurrency services into Europe and received a bullish price target hike from KeyBanc. Traders were also speculating that the company could be added to the S&P 500. Datadog was ultimately selected over Robinhood and other strong candidates.
Investors appear to be viewing Webull as a potential beneficiary of the growing demand for crypto trading platforms after the company announced its re-entry into crypto last week.
Webull said last week that it was making crypto trading available to its platform users in Brazil. The company also laid out plans to expand crypto offerings to additional markets, including in the U.S., over the coming months.
“Webull’s re-entry into crypto restores access to one of our clients’ favored asset classes while reflecting broader market demand for digital asset trading solutions,” said Anthony Denier, group president and U.S. CEO at Webull.
Meanwhile, the broader crypto market has shown some momentum in recent sessions amid strong inflows into spot Bitcoin and Ethereum ETFs. Bloomberg analysts now estimate that the odds of approval for new altcoin ETFs are over 90% by the end of 2025. The successful launch of the first spot Solana staking ETF has also added to the optimism, reinforcing the view that crypto adoption is widening.
In its most recent quarterly report, Webull posted $117.4 million in revenue, a 32% increase year-over-year. The company also reported a 45% rise in customer assets, which reached $12.6 billion, as well as a 17% gain in registered users, now totaling 24.1 million.
BULL Price Action: Webull stock is up about 26% over the past week, but it’s still well below its 52-week high of $79.56. Webull shares were up 2.12% at $14.31 at the time of publication Thursday, according to Benzinga Pro.
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