Pattern day trading rule removal 'changed the outlook' for our business: Webull CEO Anthony Denier
Speakers
Anthony Denier
— CEO, Webull US
Summary
Webull US CEO Anthony Denier discusses how the removal of the pattern day trading rule in June changed Webull's trading activity and revenue outlook. He also says broader crypto regulation and Treasury-related purchases are improving crypto sentiment, with Webull seeing a sharp increase in Bitcoin and ETH buy orders.
- Webull saw Q2 revenue jump from about $160M to near $200M, helped by June's PDT rule removal.
- The PDT change eliminated the $25,000 day-trading balance requirement, important for Webull's average $5,500 account size.
- Denier says Webull has never had a declining quarter of overall customer AUM.
- Broader crypto regulation is adding positive momentum to crypto.
- Treasury purchase operations about two weeks earlier sparked a Bitcoin rally.
- Webull saw nearly a 300% increase in buy-side orders for Bitcoin and ETH.
- Only about 10% of clients are active day traders, and crypto day traders are a smaller subset.
Ideas
PDT removal brightens Webull's outlook
The removal of the pattern day trading rule on June 4 eliminated the $25,000 balance requirement for unlimited day trading. Because Webull's average account size is only about $5,500, most clients previously could not day trade securities. Since the rule change, trading activity has changed the business outlook, Q2 revenue went from roughly $160 million in Q1 to near $200 million on essentially one month's contribution, and Webull has never had a quarter of declining overall customer AUM.
Bitcoin and ETH see stronger buy flows
Broader crypto regulation adoption is creating positive momentum, and increased Treasury purchase operations about two weeks ago sparked a Bitcoin rally. Webull is seeing almost a 300% increase in buy-side orders for the big cryptos, Bitcoin and ETH, over the past week and a half. Younger clients treat crypto as an asset class similar to owning an equity.
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This CNBC video, published August 24, 2026, features Anthony Denier discussing Webull, BTC, ETH. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Anthony Denier · Tickers: Webull, BTC, ETH