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.

• Operations span the US, Germany, Hong Kong, Gibraltar, Singapore, UK, and Cayman Islands, with regulatory licenses in key jurisdictions.

• Core offerings include spot, margin, and derivatives trading, liquidity services, and subscription-based data and index products.

• Acquisitions of CoinDesk (2023) and CCData (2024) expanded data, indices, and media capabilities.

• Business model emphasizes regulatory compliance, institutional-grade technology, and diversified revenue streams.

Financial performance and metrics

• Net income for 2024 was $80 million; net loss for Q1 2025 was $349 million.

• Adjusted EBITDA was $52 million in 2024 and $13 million for Q1 2025.

• Adjusted net income was $10 million in 2024 and $2 million for Q1 2025.

• Gross liquid assets as of March 31, 2025, were $1.96 billion, including $1.74 billion in BTC, $144 million in stablecoins, and $28 million in cash.

• Spot trading volume in 2024 was $546.7 billion, with 78% YoY growth in Q1 2025; average daily volume in Q1 2025 was $2.6 billion.

Use of proceeds and capital allocation

• Estimated net proceeds from the IPO are $552.9 million (or $637.4 million if the underwriters' option is exercised in full), assuming a $29.50/share price.

• Proceeds will be used for general corporate and working capital purposes, including funding potential future acquisitions.

• A significant portion of proceeds will be converted into USD-denominated stablecoins.