Webull (BULL) Registration Filing summary

Company overview and business model

• Operates a global, institutionally focused digital asset platform offering market infrastructure and information services under the Bullish and CoinDesk brands.

• Core business includes a regulated digital asset exchange, indices, data, and media/events, with operations in multiple jurisdictions including Germany, Hong Kong, Gibraltar, the US, and the UK.

• Acquired CoinDesk in 2023 and CCData in 2024, expanding data, indices, and media capabilities.

• Offers spot, margin, and derivatives trading, liquidity services, and subscription-based products for institutions and stablecoin issuers.

• Business model emphasizes regulatory compliance, technological innovation, and a diversified revenue mix from trading, subscriptions, and information services.

Financial performance and metrics

• Net income of $80 million for the year ended December 31, 2024; net loss of $349 million for the three months ended March 31, 2025.

• Adjusted EBITDA of $52 million in 2024 and $13 million for Q1 2025; adjusted net income of $10 million in 2024 and $2 million for Q1 2025.

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

• Spot trading volume reached $546.7 billion in 2024, with average daily volume of $1.5 billion; perpetual futures volume was $123.9 billion.

• Adjusted transaction revenue grew 17% year-over-year to $153 million in 2024; adjusted revenue up 43% to $214 million.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for general corporate and working capital purposes, including funding for future acquisitions.

• A portion of proceeds may be converted into USD stablecoins.

• Management retains significant discretion over capital allocation.