Webull

Webull Corporation, commonly known as Webull, is an American financial services holding company headquartered in St. Petersburg, Florida. It owns and operates the Webull electronic trading platform for retail investors. Depending on jurisdiction, the Webull platform offers trading in stocks, exchange-traded funds (ETFs), options, margin, bonds, cryptocurrency and futures, as well as market-data tools. The company's U.S. brokerage revenue relies substantially on payment for order flow, with options trading accounting for the larger share of its order-flow rebates in 2025. Webull began operations in 2016 under Hunan Fumi Information Technology, a China-based financial technology company founded by Wang Anquan. It launched U.S. brokerage services through Webull Financial LLC in 2018 and expanded during the retail-trading boom of 2020 and 2021. In April 2025, Webull became a publicly traded company on the Nasdaq through a merger with special-purpose acquisition company SK Growth Opportunities Corporation.

Webull Corporation, commonly known as Webull, is an American financial services holding company headquartered in St. Petersburg, Florida. It owns and operates the Webull electronic trading platform for retail investors. Depending on jurisdiction, the Webull platform offers trading in stocks, exchange-traded funds (ETFs), options, margin, bonds, cryptocurrency and futures, as well as market-data tools. The company's U.S. brokerage revenue relies substantially on payment for order flow, with options trading accounting for the larger share of its order-flow rebates in 2025. Webull began operations in 2016 under Hunan Fumi Information Technology, a China-based financial technology company founded by Wang Anquan. It launched U.S. brokerage services through Webull Financial LLC in 2018 and expanded during the retail-trading boom of 2020 and 2021. In April 2025, Webull became a publicly traded company on the Nasdaq through a merger with special-purpose acquisition company SK Growth Opportunities Corporation. ==History== ===Public company=== On February 28, 2024, Webull agreed to go public through a business combination with SK Growth Opportunities Corporation (NASDAQ: SKGR), a special-purpose acquisition company, in a deal that valued the company at approximately US$7.3 billion. The proposed valuation drew scrutiny because of Webull's limited financial disclosure at announcement, reliance on payment for order flow and small expected public float. In April 2024, attorneys general from 14 U.S. states launched an inquiry into Webull's handling of U.S. customer data and its historical ownership and operations in China. The inquiry was initiated by Indiana Attorney General Todd Rokita and focused on whether Webull had adequate protections for sensitive investor data from the Chinese Communist Party. In June 2024, Tennessee banned Webull on government-issued devices, citing security risks related to its ties to China. In November 2024, the U.S. Securities and Exchange Commission fined Webull Financial US$125,000 over incomplete suspicious activity reports. The SEC said Webull's reports omitted required information about suspicious transactions. In November 2024, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party sent Webull a letter requesting information about its ownership structure, relationships with Hunan Weibu and Hunan Fumi, data-security controls and access to U.S. user data. In its 2025 annual filing, Webull warned that continued government scrutiny over its China ties and data-security practices could adversely affect its business. SK Growth shareholders approved the business combination on March 30, 2025, and the transaction closed on April 10, 2025. Webull's Class A ordinary shares and warrants began trading on the Nasdaq on April 11, 2025 under the ticker symbols BULL and BULLW (incentive warrants traded under BULLZ until their redemption in June 2025). The merger brought Webull to the public market but generated little cash for the company: after shareholder redemptions, Webull disclosed net proceeds of US$430,066 from the transaction. After the listing, Webull's shares experienced extreme volatility, rising as much as 500% to US$79.56 on April 14, 2025, after closing at US$13.25 on the prior trading day. The initial post-listing surge increased the value of Webull holdings owned by earlier investors, including RIT Capital Partners, which had first invested in Webull in 2021. In April 2026, after Webull's shares had fallen about 70% over the previous year, the company authorized a US$100 million share repurchase program. In July 2025, FINRA fined Webull Financial LLC US$1.6 million over failures involving social-media marketing, customer disclosures and trading controls. FINRA said Webull failed to properly supervise and keep records of paid social-media promotions, some of which made exaggerated claims or did not fairly present investment risks. The case also covered required customer disclosures, market-data display and controls for erroneous orders. In its 2025 annual filing, Webull said its mainland China operations were limited to research and development and technical support, while its China-based subsidiary Hunan Weibu Information Technology Co., Ltd. employed 863 people, or about 62% of Webull's workforce, as of December 31, 2025. The filing also stated that founder Wang Anquan, a citizen of the People's Republic of China, controlled about 79.2% of Webull's voting power as of March 31, 2026. ==References== ==External links==

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