Quick Read
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HOOD surged 7% and BULL climbed 4% after Denier reported a 300% spike in retail crypto buy orders following the PDT rule repeal.
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ARKF jumped 2% while IBIT gained just 0.6%, proving fintech brokers capture a trading-volume premium that pure Bitcoin spot funds don’t.
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The old $25,000 PDT threshold locked out most Webull users since average accounts hold just $5,500, and its repeal pushed Q2 revenue to $199M.
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Retail brokers are catching a strong bid at midday Tuesday even as the underlying crypto tape barely budges. Robinhood Markets (NASDAQ:HOOD) stock is up 7% to $110.97, while Webull (NASDAQ:BULL) stock is climbing 4% to $8.86. The trigger sits with Webull CEO Anthony Denier, who told CNBC that retail buy orders for the largest cryptocurrencies have exploded since the June 4 repeal of the pattern day trader rule.
That distinction matters for how the tape gets read today. Brokers earn on order flow and transaction volume, not on the price of the underlying coin. Bitcoin (CRYPTO:BTC) is up only 0.4% over the past 24 hours, yet retail activity is spiking at the BTC price hovers near $80,000, and the money follows the volume.
The fund framing tells the story cleanly. The ARK Blockchain & Fintech Innovation ETF (CBOE:ARKF) is up 2% to $46.45, while the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is up 0.6% to $44.92. Fintech brokers get the crypto-activity premium while the pure spot Bitcoin fund barely moves.
Retail Order Flow Ignites After PDT Repeal
Speaking on CNBC’s “Squawk on the Street,” Denier stated, “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.” The old pattern day trader rule required $25,000 minimum equity for accounts making four or more day trades in five business days.
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The average Webull account holds roughly $5,500, so most of the platform’s users previously could not day trade unrestricted assets at all. Its repeal unlocked a large cohort. Denier tied the change directly to Webull’s revenue lift, adding, “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.”
Webull’s Q2 2026 report supports that framing. Revenue of $198.83 million beat the $182.83 million consensus, trading-related revenue climbed 66% year over year to $147.7 million, and daily average revenue trades hit a record 1.6 million.
