Webull Bitcoin, ETH buy orders jump 300% after PDT repeal

Webull recorded a nearly 300% jump in buy-side orders for Bitcoin and ether over the past week and a half, Chief Executive Officer Anthony Denier said.

"We're seeing over the past week and a half, we're seeing almost a 300% increase in buy-side orders for the big cryptos, Bitcoin and ETH," Denier said in an interview with CNBC's "Squawk on the Street."

Denier linked the surge to the June 4 repeal of the pattern day trading rule, which had limited frequent trading for accounts under $25,000. The average Webull account holds roughly $5,500, well below the old threshold, meaning most users previously could not day trade at all. The rule change has already shown up in the platform's financials: revenue rose from $160 million in the first quarter to near $200 million in the second.

"We went from a $160 million top line revenue in Q1 to near $200 million basically on one month's addition, which was June of Q2 that removed the PDT rule," Denier said.

Only a small share of clients actively day trade Bitcoin and ether, well below the roughly 10 percent who day trade across all products. Most customers hold long-term positions and trade actively mainly during volatile stretches, including swings tied to artificial intelligence stocks. Webull has never reported a quarter of declining client assets under management, Denier said.

Denier also credited recent Treasury purchase operations with helping drive the broader Bitcoin rally, a dynamic that lines up with Bitcoin's record weekly gain even as critics challenge the Treasury's buyback plan. Bitcoin traded near $78,919 at the time of writing.

The repeal opens day trading to the bulk of Webull's client base, a structural shift that could sustain elevated crypto volumes if Treasury operations continue to support prices. For a platform whose average account sits at roughly $5,500, removing the $25,000 threshold effectively triples the addressable trading population overnight. The move also pressures rival retail brokers to match Webull's expanded crypto access or risk losing order flow to a platform that now lets small accounts trade the same assets as institutional desks.

The question now is whether the surge persists once initial pent-up demand from the rule change fades. If the Treasury's purchase operations continue, the combination of a larger eligible trading population and supportive macro conditions could keep Bitcoin and ether volumes elevated through the third quarter.

This article is for informational purposes only and does not constitute investment advice.