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Webull’s 2024 Form 20-F Filing: Growth, Global Ambitions, and Strategic Risks

Charles HayesFriday, Apr 25, 2025 4:31 pm ET
3min read

Webull Corporation, a global digital investment platform, has filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC), marking a pivotal milestone in its journey as a publicly traded company. The filing, submitted on April 25, 2025, covers the fiscal year ended December 31, 2024, and highlights rapid user growth, expanding market reach, and the strategic implications of its business combination with SK Growth Opportunities Corporation (SPAC).

Key Financial and Operational Highlights

While the full financial details remain in the SEC filing, preliminary metrics from Webull’s investor presentation and Form 8-K disclosures reveal significant growth:

  • User Expansion: webull now serves 23.3 million registered users globally, a 9% year-over-year increase, with 4.7 million funded accounts (up 66% YoY).
  • Customer Assets: Total assets under management reached $13.6 billion, a 66% surge from 2023, reflecting rising investor confidence.
  • Trading Activity:
  • Daily Average Revenue Trades (DARTs): 693,000.
  • Annual Equity Notional Volumes: $460 billion.
  • Options Contracts Traded: 461 million in 2024.
  • Global Footprint: Licensed as a broker-dealer in 12 major markets, including the U.S., Canada, Hong Kong, Singapore, Japan, Australia, and the U.K., with plans to expand further into Brazil, Mexico, and India.

Strategic Move: The SK Group Partnership

The merger with SK Growth Opportunities Corporation, completed in April 2025, brought Webull’s shares to Nasdaq under the ticker BULL. This transaction, valued at over $1 billion, leverages SK Group’s $153.8 billion revenue (FY 2024) and regional expertise to accelerate Webull’s Asian expansion. Key synergies include:
- Market Access: SK Group’s network in Asia aims to boost Webull’s penetration in markets like Indonesia and Thailand.
- Product Innovation: Co-branded products and tailored services for Asian retail investors.
- Brand Credibility: SK’s global reputation enhances Webull’s trustworthiness in regions dominated by traditional financial institutions.

BULL Trend

Growth Drivers and Challenges

Strengths:
- Tech-First Platform: High app ratings (4.7/5 on iOS in the U.S.) and a community-driven education platform with 2.8 million user-generated contributions foster user engagement.
- Product Diversity: Fractional shares, margin trading, futures, and options cater to a broad investor base.
- Institutional Backing: Partnerships with Citadel Securities and investors like General Atlantic and Coatue Management validate its ecosystem strength.

Risks:
- Regulatory Scrutiny: Payment for order flow (PFOF) revenue, which accounts for a significant portion of Webull’s income, faces heightened regulatory scrutiny in the U.S. and abroad.
- Competitive Landscape: Rival platforms like Robinhood and Fidelity are also expanding globally, while traditional banks are digitizing their services.
- Execution Risks: SK Group’s ability to integrate Webull’s platform into Asian markets hinges on navigating local regulatory hurdles and cultural preferences.

Financial Considerations

While audited financials are pending, preliminary metrics suggest strong operational momentum:
- Retention Rates: A 98% quarterly retention rate for funded accounts underscores sticky user behavior.
- Employee Growth: Webull now employs 1,194 staff globally, with R&D centers in Changsha and St. Petersburg to support tech innovation.

Conclusion: A Balancing Act of Growth and Risk

Webull’s Form 20-F filing underscores its position as a leading global digital brokerage, with metrics signaling robust demand for its services. The partnership with SK Group opens doors to Asia’s fast-growing retail investment markets, a region where millennials and Gen Z—comprising 44% of retail investors—are driving adoption of digital platforms.

However, the company must navigate regulatory headwinds, particularly around PFOF, and maintain its competitive edge in a crowded space. Investors should closely monitor metrics like customer asset growth, retention rates, and the success of SK Group’s regional expansion plans.

With a user base exceeding 23 million and a platform tailored to next-gen investors, Webull is well-positioned to capitalize on long-term trends in democratized investing. Yet, its ability to balance innovation with compliance—and leverage SK Group’s resources—will determine whether its 2024 performance translates into sustained profitability. The road ahead is promising but fraught with execution risks that warrant vigilance from shareholders.

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vulturetrades
04/25
Whos swinging $BULL over the weekend?
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Loogyboy
04/26
@vulturetrades What’s your plan with $BULL? Holding long or taking profits?
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Still_Air2415
04/25
WeBULL's platform is community-driven, which keeps me interested. Love the user-generated content for insights.
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Striking-Seaweed-734
04/26
@Still_Air2415 Love the community vibe, too.
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deevee12
04/25
WeBULL's tech-first platform is slick, but rivals like Robinhood are closing in.
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bnabin51
04/25
WeBULL's retention rates are solid, but financials and employee growth are just as important to watch.
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tielgee
04/25
Holding some $BULL, riding the wave of digital adoption and Asian expansion. Diversifying my portfolio too.
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Curious_Chef5826
04/25
23M users? That's a lot of bulls charging into the market. 📈
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GarlicBreadDatabase
04/25
Traditional banks digitizing services could shake things up. WeBULL needs to stay agile.
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Puzzleheadbrisket
04/25
WeBULL's growth is wild, but PFOF scrutiny could hit hard. Regulatory balance is key. 🚀🤔
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joleshole
04/25
@Puzzleheadbrisket True, PFOF risks are real.
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googo69
04/25
23M users and counting. If they nail Asia with SK, this could be a moonshot. Just hope they dodge regulatory bullets.
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TeslaCoin1000000
04/25
Nasdaq listing via SPAC is smart. More eyes on $BULL, but pressure to deliver is high.
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Smart-Material-4832
04/25
PFOF revenue could be a ticking time bomb
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TransSpeciesDog
04/25
@Smart-Material-4832 True, PFOF can be risky.
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Tryingtodoit23
04/25
WeBULL's growth is wild, but PFOF scrutiny could hit hard. Watching regulatory moves like a hawk. 🚀🔍
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howtospellsisyphus
04/25
SK Group partnership might be WeBULL's ace in Asia
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GucciDaddi1
04/25
@howtospellsisyphus Agreed, SK Group is a big W.
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Wanderer_369
04/25
@howtospellsisyphus Do you think BULL will moon?
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CyberShellSecurity
04/25
WeBULL's growth is 🚀 but regulatory risks loom large
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estapia1
04/25
@CyberShellSecurity Regulatory stuff can be tricky.
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QuantumQuicksilver
04/25
SK Group tie-in could be a game-changer for WeBULL in Asia, but execution risks are real.
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