Webull Rockets 375% Following IPO as Retail Traders Pile In
SPAC merger ignites frenzy around digital broker’s NASDAQ debut. Will the Webull hype train continue, or will it get derailed?
Webull (NASDAQ: BULL) exploded onto Wall Street this week, rocketing 375% in just its second day of trading following a SPAC merger with SK Growth Opportunities Corp. The digital brokerage platform, a rival to Robinhood (NASDAQ: HOOD) and Charles Schwab (NYSE: SCHW), surged as much as 500% intraday on Monday en route to a high of $79.56, catapulting its market cap to nearly $30 billion.
The fivefold increase from its initial trading price lit up trading forums and social media, cementing Webull’s arrival as one of 2025’s most dynamic IPO success stories.
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Traders Rush in After SPAC Merger
Webull officially went public on Friday, following months of anticipation surrounding its reverse merger with blank-check firm SK Growth. Shares began trading under the ticker “BULL” on the NASDAQ, and by Monday afternoon, retail enthusiasm had sent them parabolic.
The company’s origin story adds to its mystique. Founded in 2016 by Wang Anquan—a former executive at Alibaba (NYSE: BABA) and Xiaomi (OTC: XIACF)—Webull found its stride in the U.S. during the pandemic when a flood of stimulus cash fueled a retail investing boom. Today, it claims 23 million registered users across 15 countries.
The enthusiasm surrounding Webull’s debut parallels the attention-grabbing rise of Newsmax (NYSE: NMAX), which recently soared more than 2,000% post-IPO. Both reflect a market increasingly driven by momentum-chasing retail traders.
View Webull Interactive Stock Chart on Barchart
What’s Driving the Hype?
Several key factors contributed to Webull’s early stock market fireworks.
First, non-redemption agreements from SK Growth and sponsor Auxo Capital Managers helped ensure a stronger capital foundation at launch. These deals, which rewarded investors who kept their shares through the merger, helped signal confidence to the broader market.
Second, Webull has steadily expanded its feature set. Beyond zero-commission trading on stocks and crypto, it now offers advanced charting tools, margin trading, options, and most recently, Webull Premium—a subscription that consolidates discounted trading fees, better margin rates, and promotional perks. The elite membership costs $3.99/month or $40/year.
In February, Webull also partnered with Kalshi to offer CFTC-regulated binary event contracts, adding unique prediction market capabilities to its platform. These products allow users to bet on yes-or-no outcomes in financial markets, with exacting control over risk and reward.
Anthony Denier, Webull’s U.S. CEO, explained the significance of the Kalshi partnership, stating:
We have continually focused on equipping our customers with the best products and streamlined trading tools while evolving alongside their needs. Offering prediction markets is a key step in fulfilling that commitment and expanding opportunities for our investors to access all areas of the capital markets. Kalshi is a true market disruptor, and we look forward to building upon this partnership in the coming months.
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Webull projects $390.2 million in revenue for 2024, roughly flat year-over-year. It currently manages $8.2 billion in customer assets across 4.3 million funded accounts.
While its user base and feature set rival those of Robinhood and Morgan Stanley’s (NYSE: MS) E-Trade, Webull executives argue that the user experience differs. Webull users are “much more intellectual” than Robinhood’s, said Denier in a 2021 interview with CNBC.
Retail Bulls Stay Aggressive
Retail sentiment has remained overwhelmingly bullish. According to a new StockTwits poll, 34% of users viewed BULL as a long-term investment, while 31% considered it a short-term trade with upside. Just 23% were bearish in the short term, and only 12% expressed long-term pessimism.
Retail brokerage WeBull went public Friday and is soaring. What’s your view?
— (@StocktwitsPolls) April 14, 2025
The dramatic rise in Webull’s stock price has caught the attention of investors and analysts alike. While the surge reflects strong initial enthusiasm, market watchers caution that post-SPAC volatility is common and that long-term performance will depend on the company’s ability to deliver results in a highly competitive space.
Skepticism about Chinese ties also hangs over the company. In late 2023, the U.S. House Select Committee on the Chinese Communist Party sent Denier a letter inquiring about Webull’s connections to China. The company has yet to respond publicly.
Yet for now, none of that seems to matter to investors riding the wave.
SPAC deals have slowed dramatically since their 2021 peak, when 613 went public. Just 23 have launched so far in 2025. But with Webull’s blockbuster performance, the structure may be poised for a mini-revival.
As Webull begins life as a public company, the real test will be sustaining growth in an increasingly crowded field. But for retail investors hunting breakout trades, BULL has already delivered.
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Disclaimer: Wealthy VC does not hold a position in any of the stocks, ETFs or cryptocurrencies mentioned in this article.
