Webull CEO Anthony Denier said buy orders for Bitcoin and Ethereum on the platform surged nearly 300% over the past week and a half. He linked the increase to the June removal of the PDT, or pattern day trading, rule, which had previously restricted frequent trading by users with account balances below $25,000. Speaking in an interview with CNBC, Denier said the rule change altered how Webull’s retail users trade. He added that the platform’s average account size is about $5,500, well below the old threshold. Denier also said the rule change has already shown up in the company’s financials, with revenue rising from $160 million in the first quarter to nearly $200 million in the second quarter. The item was cited by BeInCrypto and carried by Techub News.
Webull CEO Anthony Denier said buy orders for Bitcoin and Ethereum on the platform rose nearly 300% over the past week and a half, according to a Techub News item citing BeInCrypto.
Rule change tied to the increase
In an interview with CNBC, Denier attributed the jump to the June removal of the PDT, or pattern day trading, rule. The rule had limited frequent trading by users whose account balances were below $25,000.
Retail trading behavior on Webull
Denier said the change reshaped how Webull’s retail users trade. He said the platform’s average account balance is about $5,500, far below the old threshold.
Impact on revenue
He also said the effect of the rule removal has already appeared in the company’s financial results. Webull’s revenue increased from $160 million in the first quarter to nearly $200 million in the second quarter.
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