Webull is owned by Webull Corporation, a Cayman Islands company whose Class A shares trade on the Nasdaq under the symbol BULL. Control sits with its founder and chief executive, Anquan Wang, who beneficially owned 16.4% of Webull's ordinary shares and 79.2% of its total voting power as of March 31, 2026, according to Webull's annual report on Form 20-F for 2025.
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That gap between economic and voting ownership comes from Webull's two share classes. The 20-F says each Class B share carries 20 votes and each Class A share one, and that Wang holds all of the outstanding Class B shares. Every figure below comes from that filing and is dated to it.
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Webull is owned by public shareholders of Webull Corporation, by early investors, and by Anquan Wang, who holds every high-vote share. Outside investors own most of the shares, but Wang controls most of the vote. Webull describes itself as a controlled company, which exempts it from some Nasdaq governance rules.
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The 20-F states that Webull is a "controlled company" and relies on certain controlled company and foreign private issuer exemptions from Nasdaq listing standards. The same filing bases its ownership table on 447,778,197 Class A and 83,859,005 Class B ordinary shares issued and outstanding as of March 31, 2026.
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The Class B figure in Wang's row is larger than the Class B shares outstanding because footnote 1 of the 20-F adds 754,616 restricted share units granted to Water Castle Az Inc., his holding entity. The 5% holder rows are based solely on each holder's latest Schedule 13G, per the same filing.
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Anquan Wang owns roughly a sixth of Webull's shares but controls close to four fifths of the votes. He holds his high-vote shares through a holding entity rather than in his own name. He can also influence some additional shares through a share award vehicle and a proxy arrangement.
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Footnote 1 of the 20-F says Wang's position consists of 200,000 Class A shares held of record by Water Castle Az Inc., 2,301,374 Class A shares held by Webull Partners Limited, 83,859,005 Class B shares held by Water Castle Az Inc. and the restricted share units noted above. The same filing says Wang may also exercise voting rights over 10,058,435 Class A shares under a proxy agreement, subject to conditions, and that those shares are not reflected in his row.
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The 20-F also notes that Wang has "considerable influence" over matters such as electing directors and approving mergers, and that this concentrated control will limit other shareholders' ability to influence corporate matters. The voting math looks like this.
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Webull is incorporated in the Cayman Islands, runs its main business from the United States and is listed on a US exchange. It does have links to China: Wang is a Chinese citizen and the company keeps a mainland China subsidiary for research and support work. Two of the four outside holders above five percent are based in China.
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The 20-F says Webull's principal business operations are based in the US, that it is regulated as a broker-dealer in 12 major markets, and that personal data of customers of Webull Financial, its US broker-dealer, is stored on US servers. The same section says operations in mainland China are limited to research and development and technical support, and that the founder and CEO, Mr. Anquan Wang, is a citizen of the People's Republic of China.
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Among outside holders, footnote 7 of the 20-F says the general partner of Tianjin Nuofeng is Gopher Asset Management, wholly owned by Shanghai Noah Investment Management. The same footnotes give Jun Yuan's address in Changsha, Hunan, China. PEAK6 entities are majority owned through PEAK6 Group and ultimately PEAK6 LLC, per the same footnotes. This article does not assess the regulatory significance of any of these ties.
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Webull became a public company by merging with a special purpose acquisition company rather than through a traditional IPO. Its shares began trading on the Nasdaq the day after the merger took effect. Before then, Webull's investors held private preferred shares that converted at closing.
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The 20-F says Webull's business combination with SK Growth Opportunities Corporation closed on April 10, 2025, and that its Class A shares and warrants began trading on the Nasdaq Capital Market under the symbols BULL and BULLW on April 11, 2025. The same filing says Webull launched brokerage services in the United States in May 2018 and has over 26.8 million registered users globally.
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For comparison with another company that uses a high-vote share class, see Coinbase Ownership: Brian Armstrong, Class B Voting Control.
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The ownership table in an annual report is a snapshot from one date. Outside holder rows rely on whatever each investor last filed, which may lag. Voting power can also shift if Wang converts or transfers high-vote shares, or if the proxy arrangement's conditions are met.
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Three limits apply. First, the 5% holder rows in the 20-F are based solely on each holder's latest Schedule 13G, not on a fresh count. Second, Wang's possible voting rights over 10,058,435 Class A shares are excluded from the table, per the filing, so his effective influence could be higher. Third, this article reports what the filing says about China ties and does not offer a regulatory or safety judgment.
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Yes. Webull Corporation's Class A shares trade on Nasdaq under the symbol BULL, per its 20-F.
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Anquan Wang is Chairman of the Board and Chief Executive Officer of Webull Corporation, per the 2025 20-F.
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The 20-F lists a business address in St. Petersburg, Florida, and says its principal operations are in the US.
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Webull files as a foreign private issuer; read its 20-F and 13G filings on SEC EDGAR.
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All ownership figures, share counts, voting rights, listing dates and business descriptions come from Webull Corporation's annual report on Form 20-F for 2025 (filed April 9, 2026), with holdings as of March 31, 2026 unless the filing notes another date. It was fetched from SEC EDGAR on October 18, 2026. No ownership percentage in this article comes from any other source.
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