BULL Options Analysis - September 26, 2025

Webull Corporation (NASDAQ: BULL) is the digital investment platform that's making waves in the fintech space. With a market cap of $7.24 billion and 1,194 employees, this isn't your typical startup - they're a legitimate player in the online brokerage world.

Think of Webull as the "smart trader's platform" - they offer commission-free trading but with way more sophisticated tools than your average retail app. Since going public in April 2025, they've been serving over 24 million users across 14 global markets. That's serious reach! 💪

Sector: Financial Technology (Fintech)
Industry: Digital Investment Platforms

📊 Unusual Options Activity Breakdown

Alright, let's talk about what caught our attention today. We spotted some BIG money moving into BULL options this morning:

Time	Symbol	Buy/Sell	Type	Expiration	Strike	Premium	Volume	Open Interest	Size	Spot Price	Option Price	Option Symbol
10:10:19	BULL	BUY	CALL	2026-05-15	$17.5	$3.4M	10K	42	10,000	$14.60	$3.40	BULL20260515C17.5
10:10:19	BULL	BUY	CALL	2025-10-17	$18.5	$780K	10K	262	10,000	$14.60	$0.78	BULL20251017C18.5

🔥 What Makes This Unusual?

These aren't your everyday trades, folks. Here's why this is grabbing attention:

1. Massive Premium: Total of $4.18 million dropped on these calls - that's serious conviction!
2. Size vs Open Interest:
3. May 2026 $17.5 calls: 10,000 contracts vs only 42 open interest = 238x the normal activity
4. October 2025 $18.5 calls: 10,000 contracts vs 262 open interest = 38x the normal activity
5. Aggressive Strikes: Both strikes are way above current price ($14.60)
6. $17.5 strike = 20% upside bet
7. $18.5 strike = 27% upside bet

Unusual Score: 238/10 = 23.8 (Anything above 10 is considered highly unusual!)

📈 Technical Analysis

Looking at the charts, here's what we're seeing:

Year-to-Date Performance

• YTD Return: +13.4% 📈
• Current Price: $15.03
• Starting Price: $13.25
• Peak: ~$54 (right after IPO - typical SPAC behavior)
• Volatility: 568.4% (that's WILD movement potential!)

The stock has settled into a nice consolidation range between $12-$15 after the initial IPO volatility. Volume patterns show consistent interest with occasional spikes on news.

Gamma Levels (Support & Resistance)

Based on options positioning, here are the key levels to watch:

Major Support Levels 🛡️:
- $14.50 - Strongest support (7.5M total gamma exposure)
- $14.00 - Secondary support (4.2M gamma)
- $12.50 - Deep support (10.8M gamma - lots of put protection here)

Major Resistance Levels 🎯:
- $15.00 - MASSIVE resistance (48.3M gamma - this is the wall!)
- $15.50 - Next target (4.7M gamma)
- $16.00 - Breakout level (3.3M gamma)
- $17.50 - Where our big buyer is targeting (4.2M gamma)

The gamma chart shows we're currently stuck right at that $15 level - it's like a magnet! Breaking above this cleanly could trigger a gamma squeeze as market makers have to hedge. 🚀

🎯 Upcoming Catalysts

Here's what could move the stock:

Already Happened (Still Having Impact):

• ✅ Crypto Trading Relaunch (August 2025) - Now trading 50+ cryptocurrencies 24/7 Source
• ✅ European Launch (September 2025) - Started in Netherlands, expanding across EU Source

Coming Soon:

• 📅 Q3 2025 Earnings - December 3-5, 2025
• Expected EPS: $0.03
• Expected Revenue: $137.28M

• Last quarter showed 46% YoY growth! Source

• 🌍 Global Expansion:

• Brazil crypto already launched (June 2025)
• Australia offering 240 cryptos
• Mexico via Flink acquisition

• More EU countries coming Source

• 💎 Premium Services Growth:

• 75,000 premium subscribers
• Kalshi partnership for prediction markets
• Coinbase partnership for futures Source

🎯 Price Targets

Based on gamma levels and analyst consensus:

Bull Case 🚀 (30% probability)

Target: $19.00
- Crypto trading exceeds expectations
- European expansion accelerates
- Q3 earnings beat big
- Rosenblatt's target (they just initiated with Buy)

Base Case 📊 (50% probability)

Target: $17.00
- Steady growth continues
- Meet earnings expectations
- Gradual international expansion
- Current analyst average target

Bear Case 📉 (20% probability)

Target: $14.00
- Regulatory headwinds
- Crypto volatility hurts revenue
- Competition from Robinhood intensifies
- Support at current gamma level

💡 Trading Ideas

Here are three ways to play this based on your risk tolerance:

Conservative Play 🛡️

Sell Cash-Secured Puts
- Strike: $14 Put
- Expiration: October 18, 2025
- Premium: ~$0.30
- Return: 2.1% in 3 weeks (36% annualized)
- Risk: You own BULL at $13.70 if assigned

Balanced Play ⚖️

Bull Call Spread
- Buy: $15 Call (Oct 18)
- Sell: $17.5 Call (Oct 18)
- Cost: ~$0.45
- Max Profit: $2.05 (455% return)
- Risk: Lose premium if below $15

Aggressive Play 🚀

Follow the Smart Money
- Buy: $17.5 Call (Jan 2026)
- Cost: ~$1.20
- Upside: Unlimited above $18.70
- Risk: 100% loss if below $17.50 by expiration
- Why: Gives you time for catalysts to play out

⚠️ Risk Factors

Let's keep it real - here's what could go wrong:

1. China Connection Concerns: Regulatory scrutiny due to overseas ties
2. High Competition: Robinhood isn't going away
3. Market Dependency: If markets tank, so does trading volume
4. Execution Risk: International expansion is expensive
5. Wide Bid-Ask Spreads: Some options have liquidity issues

🎬 The Bottom Line

Someone just bet $4.2 million that BULL is heading higher - and not just a little higher, but 20-27% higher! This isn't pocket change, folks.

The setup looks interesting:
- ✅ Strong financial momentum (46% revenue growth)
- ✅ Multiple catalysts in play
- ✅ Institutional money flowing in
- ✅ Technical support at current levels

But remember: options are risky, especially out-of-the-money calls. The smart money isn't always right, and even when they are, timing matters.

If you're bullish on fintech and like the global expansion story, BULL offers an interesting play. Just size your positions appropriately - this is still a volatile stock that can move 5-10% in a day!

Current Sentiment: Cautiously Bullish 📈

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Disclaimer: This is analysis, not financial advice. Options trading involves substantial risk of loss. Do your own research and consider your risk tolerance before trading. Never invest more than you can afford to lose!

Analysis Date: September 26, 2025
Stock Price at Analysis: $15.03