Webull Reports Near 300% Surge in Bitcoin and Ethereum Buy Orders After PDT Rule Repeal

Webull recorded a nearly 300% jump in buy-side orders for Bitcoin (BTC) and ether (ETH) over the past week and a half, Chief Executive Officer Anthony Denier said. The surge follows the June 4 repeal of the pattern day trading (PDT) rule, which had limited frequent trading for accounts under $25,000.

Rule change expands retail trading capacity

Denier explained that the average Webull account holds roughly $5,500, well below the former PDT threshold. Previously, most users could not day‑trade unrestricted assets. The repeal opened day‑trading of assets like Bitcoin and Ethereum to the bulk of Webull’s client base.

Impact on trading activity

In an interview with CNBC’s “Squawk on the Street,” Denier said the platform is seeing “almost a 300% increase in buy‑side orders for the big cryptos, Bitcoin and ETH.” He noted that only a small share of clients actively day‑trade these cryptocurrencies, well below the roughly 10% who day‑trade across all products.

Revenue growth linked to the rule change

Webull’s revenue rose from $160 million in the first quarter to near $200 million in the second quarter, which Denier attributed to the June removal of the PDT rule.

Market context

At the time of reporting, Bitcoin was trading near $78,919. Denier also mentioned recent Treasury purchase operations as a factor supporting the broader Bitcoin rally.