Webull (BULL) Registration Filing summary

Company overview and business model

• Institutionally focused global digital asset platform offering market infrastructure and information services, including a regulated exchange and CoinDesk-branded data, indices, and media businesses.

• Operates in multiple jurisdictions with regulatory licenses in the US, Germany, Hong Kong, and Gibraltar, and is expanding its licensing footprint.

• Provides spot, margin, and derivatives trading, liquidity services, and subscription-based offerings, with a unified global order book and advanced technology stack.

• Acquired CoinDesk and CCData to expand information services, indices, and data capabilities, creating cross-selling and integration synergies.

• Business model emphasizes regulatory compliance, institutional-grade infrastructure, and a diversified revenue mix from trading, subscriptions, and media.

Financial performance and metrics

• For the year ended December 31, 2024: net income of $80 million, adjusted EBITDA of $52 million, and adjusted net income of $10 million.

• For the three months ended March 31, 2025: net loss of $349 million, adjusted EBITDA of $13 million, and adjusted net income of $2 million.

• Gross liquid assets (cash and digital assets) totaled $1.96 billion as of March 31, 2025, with significant holdings in BTC and stablecoins.

• Spot trading volume for 2024 was $546.7 billion, with 2025 Q1 spot volume up 78% year-over-year; average daily volume in Q1 2025 was $2.6 billion.

• Adjusted transaction revenue for 2024 was $153 million, up 17% from 2023, driven by increased market share and trading activity.

Use of proceeds and capital allocation

• Net proceeds from the IPO estimated at $906.3 million (up to $1.05 billion with full over-allotment), based on a $32.50/share midpoint.

• Proceeds will be converted into stablecoins and used for general corporate purposes, working capital, and potential future acquisitions.

• Management retains broad discretion over capital allocation, with a focus on supporting growth, liquidity, and strategic M&A.