- Webull’s (BULL) stock soared 478% to $75.77 in midday trading on Monday, hitting an intraday high of $79.56, following its merger with SK Growth Opportunities, with trading under the “BULL” ticker starting Friday after closing at $13.25.
- Founded in 2016 and headquartered in St. Petersburg, Florida, Webull serves 20 million global users, managing 4.3 million funded accounts and $8.2 billion in customer assets as of the end of 2023.
- After shelving IPO plans in 2022 due to market volatility, Webull went public via a SPAC merger signed in February 2024, capitalizing on renewed investor enthusiasm amid a cooling SPAC market with only 23 IPOs year-to-date.
Webull (BULL), a digital investment platform catering to retail investors, has seen its stock surge 478% to $75.77 in midday trading on Monday, reaching an intraday high of $79.56 after closing at $13.25 the previous Friday. This dramatic rise follows the completion of its merger with SK Growth Opportunities, a special-purpose acquisition company, finalized on Thursday, enabling Webull to begin trading under the “BULL” ticker symbol on Friday. The merger marks a significant milestone for Webull, which was founded in 2016 by Wang Anquan and is headquartered in St. Petersburg, Florida, now boasting 4.3 million funded accounts and $8.2 billion in customer assets as of the end of 2023, with a global user base of approximately 20 million in 2024.
The company’s journey to the public market reflects the evolving landscape of financial technology and investor enthusiasm. Webull initially considered an initial public offering during the 2021 stock market boom, a period when 613 SPAC mergers accounted for 63% of total IPOs, driven by fervor for profitless tech firms and meme stocks. However, market turbulence in 2022 delayed those plans, leading Webull to pivot to a SPAC merger agreement signed in February 2024 with SK Growth Opportunities. The broader SPAC market has since cooled, with only 31 mergers in 2023 and 23 SPAC IPOs year-to-date, according to SPAC Analytics, underscoring the selective nature of current investor interest in such deals.
Webull’s platform, often likened to competitors like Robinhood (HOOD) and eToro (ETOR), appeals to retail investors seeking accessible trading tools, a demographic that continues to fuel market momentum. The recent 2,000% surge in Newsmax (NMAX) shares from its IPO price earlier this month highlights the persistent appetite for high-momentum stocks among traders, a dynamic Webull’s stock performance mirrors. By leveraging its SPAC merger, Webull has capitalized on renewed market optimism, positioning itself to expand its influence in the digital investment space. With a user-centric model and a robust technological foundation, Webull is well-placed to navigate the competitive fintech landscape, driven by its 20 million global users and substantial asset base, as it seeks to redefine retail investing in a rapidly changing financial ecosystem.
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