Core Thesis - Webull Corporation is experiencing strong growth, with significant increases in revenue and client engagement, positioning itself favorably in the fintech sector [1][2][5]. Financial Performance - In Q2 2025, Webull reported a revenue increase of 12% sequentially and 46% year-over-year, reaching $131 million, driven by a 65% increase in trading-related revenue and a 14% rise in net interest income [2]. - Adjusted net income for Q2 was $7 million, a decrease from $13 million in Q1 but an improvement from a $10 million loss a year ago [3]. - Client assets grew to $15.9 billion, a 64% year-over-year increase, with funded accounts rising to 4.7 million, up 9% year-over-year [3]. Client Engagement and Growth Drivers - Daily Average Revenue Trades (DARTs) increased by 56% year-over-year to over 1 million, indicating strong client engagement [3]. - The average assets per account rose by 51% to $3,362, supported by $1.5 billion in net deposits, reflecting a 48% annualized growth rate [3]. - The Webull Premium subscription product has gained traction, now with 75,000 subscribers, contributing to asset inflows from higher-value clients [4]. Strategic Initiatives - Management indicated a strong start to Q3, with assets under management (AUM) surpassing $18 billion and July marking a record revenue month [4]. - The company is focusing on marketing and technology investments, which increased adjusted operating expenses by 21% quarter-over-quarter to $117 million, compressing operating margins to 11.2% from 17.5% [2]. Market Expansion - Webull is reintroducing crypto trading and expanding into new markets, including a planned launch in the Netherlands, which presents new growth opportunities [5]. - The company has achieved its third consecutive quarter of positive adjusted operating income, demonstrating strong execution and improving profitability [5]. Hedge Fund Interest - As of the end of Q2, 24 hedge fund portfolios held Webull shares, a significant increase from zero in the previous quarter, indicating growing institutional interest [7].