We came across a bullish thesis on Webull Corporation on The Diversified Fins Analyst’s Substack. In this article, we will summarize the bulls’ thesis on BULL. Webull Corporation’s share was trading at $9.20 as of December 1st. BULL’s trailing P/E was 92.99 according to Yahoo Finance.
BULL reported strong 2Q25 results, showcasing meaningful top-line momentum and solid client growth across its platform. Revenue rose 12% sequentially and 46% year over year to $131M, driven by robust trading-related revenue (+65% Y/Y) and higher net interest income (+14% Y/Y). Adjusted operating expenses increased 21% Q/Q to $117M as the company leaned into marketing and technology investments, compressing operating margins to 11.2% from 17.5% last quarter.
Adjusted net income was $7M, down from $13M in 1Q but a notable improvement from a $10M loss a year ago. Client assets reached $15.9B (+64% Y/Y), funded accounts stood at 4.7M (+9% Y/Y), and DARTs rose 56% Y/Y to over 1M, reflecting strong engagement. Average assets per account increased 51% to $3,362, supported by $1.5B in net deposits, translating to a 48% annualized growth rate.
Management noted that 3Q is off to a strong start, with AUM surpassing $18B and July marking a record revenue month. The Webull Premium subscription product has been a key growth driver, now boasting 75k subscribers and accelerating asset inflows from higher-value clients. The company plans to sustain elevated marketing spend to attract quality accounts amid a favorable retail trading backdrop.
Crypto trading and prediction markets offer new growth avenues, with BULL reintroducing crypto products and expanding globally, including an upcoming Netherlands launch. With its third straight quarter of positive adjusted operating income, strong asset growth, and expanding product ecosystem, BULL continues to demonstrate strong execution and improving profitability.
Previously we covered a bullish thesis on Robinhood Markets, Inc. (HOOD) by kumaramit0703 in March 2025, which highlighted the company’s evolution into a diversified fintech platform with multiple revenue drivers. The company’s stock price has appreciated approximately by 187.94% since our coverage. This is because the thesis played out as profitability improved. The Diversified Fins Analyst shares a similar view through Webull, focusing on client growth and crypto expansion.
Webull Corporation is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 24 hedge fund portfolios held BULL at the end of the second quarter which was 0 in the previous quarter. While we acknowledge the potential of BULL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
