After a House panel reportedly tied Webull to China, Robinhood and Public are offering perks to customers to switch to their platforms.
- Following the report, BULL stock plunged to its lowest level since April 2025.
- Robinhood is offering customers 3% on a transfer from Webull to its own platform, adding that it is “proudly American.”
- Public.com said customers who transfer from Webull to its platform will get a 3% match on brokerage and IRA transfers.
Robinhood Markets Inc. (HOOD) and privately held brokerage Public.com have announced an option for users to transfer from Webull Corp. (BULL) after a bipartisan House committee investigation reportedly raised concerns about the latter’s ties to China.
A bipartisan House Select Committee said, as per a report from CNBC, that Webull is “tied in structural ways” to the Chinese government and highlighted a “profound gap” between its American branding and the entities influencing the firm.
Webull reportedly disputed the committee’s findings as “containing significant inaccuracies and unsupported conclusions” to CNBC, adding that its “U.S. customer data is stored in the U.S. and access to sensitive customer data is controlled by the U.S.”
What Are Robinhood And Public Offering To Switch From Webull?
Robinhood is offering customers 3% on a transfer from Webull to its own platform, noting in a post on X that it is “proudly American, founded here to give everyday investors more access to the financial system.”
CEO Vlad Tenev also shared the call in a post on X, saying, “American assets should be at America’s favorite broker.”
Meanwhile, Public.com said in a post on X that customers who transfer from Webull to its platform will get a 3% match on brokerage and IRA transfers, and can earn a $0.06–0.18 rebate on every options contract traded. The firm also confirmed that it is “a U.S. company, headquartered in New York…with licensed, U.S.-based customer service.”
Shay Boloor, Chief Market Strategist at Futurum Equities, said that after the House panel deemed Webull a national security risk and raised concerns around U.S. investor data, it could lead more customers to turn towards trusted brokers like Robinhood.
“Trust is everything in brokerages which could push more active traders toward $HOOD if scrutiny keeps building,” he said in a post on X.
What’s Happening To BULL Stock?
Following the report, BULL stock plunged about 19% at Wednesday’s close, its worst session since April 2025. It is now at a four-month low. Shares, however, were up 0.3% in overnight trading.
One user said, “$BULL just did some research. I don’t think this is a market over reaction. I think this is just the beginning.” They added that, “Beyond the China stuff they showed customer cash and securities on their books like it was theirs.”
Another user said, “$BULL I may transfer partial of my account to Schwab (just incase).”
Another user said, “$BULL buy $HOOD. Hood is strong now. Not sure if bull can recover at this point I’m am not liking it but you need to live with it, if you are holding bull.”
BULL stock is down about 28% year-to-date. Meanwhile, HOOD is down about 5% over the same period, while Charles Schwab Corporation (SCHW) is down about 6%.
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