Webull Corp. ( BULL ) shares fell Tuesday, deepening Friday’s losses, despite the brokerage reporting strong second-quarter revenue and the return of cryptocurrency trading.

Revenue rose 46% year over year to $131.5 million, while adjusted net income reached $15.4 million. It was Webull’s third straight quarter of profitability.

Trading-related revenue jumped 63% as equity notional volume surged 58% to $161 billion. Customer assets hit an all-time high of $15.9 billion, up 64% from a year earlier, with deposits totaling $5.4 billion over the past 12 months.

Related: Webull Charges Ahead: Q2 Revenue Up 46%, Crypto Trading Relaunched

CEO Anthony Denier said the performance reflected “three straight quarters of operating profitability. We posted a year-over-year increase in adjusted operating profit margin of 18 percentage points, bringing our total adjusted operating profit for the second quarter to 23.3 million.”

He called the crypto relaunch a major catalyst, noting, “We expect the acceleration of crypto accounts… and believe the trading revenue is going to be something we’re going to reap the benefits of quite quickly.”

The company relaunched crypto trading in the U.S. last Monday and expanded to Brazil and Australia, describing it as “phase one” of building the world’s best digital asset trading platform. Webull ( BULL ) also touted a $1 billion standby equity facility to fund expansion, alongside growth in new markets like Canada and Latin America.

Analysts pressed management on growth drivers. Bank of America highlighted net deposits, while Rosenblatt Securities asked about traction with active users. Denier pointed to strong volatility and Webull Premium’s low-margin financing rates as fueling engagement.

Price Action: BULL shares are trading lower by 4.75% to $12.95 at last check Tuesday.

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