BULL · CIK 0001866364
What Webull Corp told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far — we surface every cited disclosure we’ve extracted for BULL. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- top market maker / liquidity provider — 13.2% of consolidated revenuemedium
Revenue (PFOF) is concentrated in a limited number of wholesale market makers; the unnamed top market maker was 13.2% of consolidated revenue in 2025 (18.5% in 2024). Two counterparties also hold 73% and 17% of broker/clearing receivables.
“For the years ended December 2025 and 2024, 13.2% and 18.5% of our consolidated revenue was from our top market maker and liquidity provider, respectively.”
SEC filing →As of 2026
Regulatory & policy
- U.S.–China tensions — delisting rhetoric targeting China-connected companiesmedium
Congress members and Trump-administration officials have floated delisting China-connected companies as a trade-war tactic; Webull's founder/CEO is a PRC citizen and its mainland-China operations (R&D and technical support) keep it in scope of that rhetoric even as it argues the laws don't apply to it.
“beginning in April 2025, members of Congress as well as senior members of the Trump administration have mentioned potentially delisting companies with connections to China as a tactic that could be deployed in a trade war with China.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“In most U.S. jurisdictions, we utilize Coinbase to provide trade execution and custody services.”
Cited →“In New York, cryptocurrency trading is conducted under a fully disclosed arrangement with Bakkt Crypto, which holds the requisite regulatory approvals to provide digital asset services to New York residents.”
Cited →Apex Clearing Corporation
“We currently rely on Apex Clearing Corporation, or Apex Clearing, to clear and settle all stock and securities trades in the United States and to custody customer securities”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
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