Webull

From Wikipedia, the free encyclopedia

Webull
TypePrivately held company
IndustryFinancial services
FoundedMay 24, 2017; 4 years ago (2017-05-24)[1][2]
FoundersWang Anquan[3]
Headquarters
New York, USA
Key people
Anthony Denier (CEO)[4]
ProductsElectronic trading platform
ServicesStockbroker
OwnerWang Anquan (35%)[5]
Xiaomi (14%)[5]
Shunwei Capital
Hongdao Capital
Bojiang Capital
Gopher Asset Management
ParentWebull Corporation[5]
Websitewww.webull.com

Webull Financial LLC (Chinese: 微牛证券) offers an electronic trading platform, accessible via mobile app and desktop computer, for the commission-free trading of stocks, exchange traded funds, options, margins, and cryptocurrencies.[6][7][8]

Webull is owned by Fumi Technology,[9] a Chinese holding company that has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[10][11]

History[]

On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company[11] by Wang Anquan, a former employee of Alibaba Group.[5][12]

On May 30, 2018, the company released its mobile app for iOS and Android.

In May 2020, it received SEC approval to launch a robo-advisor.[13]

By August 2020, it had over 11 million registered users.[14]

In October 2020, it had 750,000 daily active users.[15]

In November 2020, Webull began supporting cryptocurrency transactions.[16]

On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze,[17] but reversed course and allowed buy orders starting at 2:35pm that day.[18] On that day, Webull recorded its highest ever number of active daily users at 952,000.[19] That week, approximately 1.2 million people downloaded the Webull mobile app.[20]

In June 2021, Webull began talks of an initial public offering, with considered valuations of $400 million.[21][22]

In September 2021, The Brooklyn Nets and New York Liberty have entered into a global multi-year agreement with Webull. Webull Corporation, Webull's parent company, will leverage the international rights to expand their global reach.[23] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told CNBC it's a multiyear pact that pays the Nets roughly $30 million per year.[24]

References[]

  1. ^ "GameStop, AMC Trades to Resume at Chinese Online Brokers". Bloomberg News. January 29, 2021.
  2. ^ Wursthorn, Michael; Choi, Euirim (August 20, 2020). "Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti". The Wall Street Journal.
  3. ^ Massa, Annie (December 10, 2020). "Webull is winning over traders from US rival". Australian Financial Review.
  4. ^ Noto, Anthony (August 22, 2019). "No Bull! Broker-dealer Webull says commission-free is the way to be". American City Business Journals.
  5. ^ a b c d Massa, Annie (December 8, 2020). "Robinhood Is Losing Thousands of Traders to a China-Owned Rival". Bloomberg News.
  6. ^ Frankel, Matt (December 1, 2020). "Investing Apps That Let You Invest For Free". The Motley Fool.
  7. ^ Chang, Ellen (August 19, 2020). "Why Investors Could Add Some Active Investing to a Portfolio". WTOP News.
  8. ^ Houston, Rickie (March 8, 2021). "Webull investing review: Commission-free investments, margin accounts, and cryptocurrencies for active traders". Business Insider. Retrieved July 4, 2021.
  9. ^ "WWebull Financial LLC" (PDF). FINRA BrokerCheck Report. Retrieved August 6, 2021.
  10. ^ McGregor, Grady (February 2, 2021). "The Robinhood revolt was good for Webull, China's little-known trading app". Fortune. Retrieved August 6, 2021.
  11. ^ a b "Webull Financial LLC". Delaware Department of State: Division of Corporations.
  12. ^ "Form ADV - CRD #: 304881" (PDF). SEC Reports. January 12, 2021.
  13. ^ Capelj, Renato (May 6, 2020). "Webull Leverages Crisis To Spur Innovation, Financial Wellness". MarketWatch.
  14. ^ Graw, Michael (August 20, 2020). "Commission-free brokerage Webull launches desktop platform". TechRadar.
  15. ^ Osipovich, Alexander (October 16, 2020). "Individual-Investing Boom Fuels Trading in Low-Price Stocks". The Wall Street Journal.
  16. ^ Vigna, Paul (December 16, 2020). "Bitcoin Tops $20,000 for First Time". The Wall Street Journal.
  17. ^ Crowley, James (January 28, 2021). "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform". Newsweek.
  18. ^ "Update: GME, AMC, and KOSS are no longer restricted". January 28, 2020 – via Twitter.
  19. ^ Perez, Sarah (January 28, 2021). "Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania". TechCrunch.
  20. ^ Vanian, Jonathan (February 2, 2021). "Robinhood, Webull, and Fidelity apps soar amid GameStop controversy". Fortune.
  21. ^ "Online Broker Webull Considers $400 Million U.S. IPO". Bloomberg. June 8, 2021. Retrieved July 4, 2021.
  22. ^ Dayal, Nikhil (June 10, 2021). "Webull In Talks To File For IPO Later This Year: Report". Benzinga. Retrieved July 4, 2021.
  23. ^ "Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull". Brooklyn Nets. Retrieved October 11, 2021.
  24. ^ Young, Jabari (September 27, 2021). "Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull". CNBC. Retrieved October 11, 2021.
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