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

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.

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.