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Steven Schubach

Managing Director and Senior Equity Research Analyst at Wolfe Research

Steven Chubak is a Managing Director and Senior Equity Research Analyst at Wolfe Research, specializing in banking and financial services with coverage of major companies including Bank of America, Robinhood Markets, Apollo Global Management, Blue Owl Capital, Moelis, and Perella Weinberg Partners. Renowned for his analytical acumen, Chubak has maintained a success rate of approximately 65% on over 270 stock ratings, generating an average return of nearly 17% per recommendation and ranking among the top 400 Wall Street analysts by TipRanks. He began his career at HSBC in 2006, subsequently holding research roles at AllianceBernstein, JMP Securities, Bank of America, Autonomous Research, and Nomura Securities before joining Wolfe Research in September 2018. Chubak holds a Bachelor’s degree in Finance from NYU Stern School of Business and is a CFA charterholder.

Steven Schubach's questions to Webull (BULL) leadership

Question · Q3 2025

Steven Schubach inquired about Webull's evolving crypto strategy following its relaunch in the U.S., specifically asking about current crypto pricing, opportunities for aggressive take rates, and how pricing might evolve with intensifying competition.

Answer

Anthony Denier (Group President and U.S. CEO, Webull) expressed excitement for the crypto relaunch, viewing it as a 'second at bat.' He mentioned current pricing is around 100 basis points compared to Coinbase retail's 150 basis points. Webull plans to aggressively lean into squeezing take rates to attract active crypto traders, with a timeline probably early 2026, and will announce major new additions to its crypto offering to compete effectively.

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