High-quality 3D ultrasound (US) imaging requires dense matrix-array probes with thousands of elements and necessitates an unrealistic number of coaxial cables to connect such probes to back-end systems. To address this issue, many techniques have been developed such as sparse arrays, mechanical scanning, multiplexing and micro-beamforming, which permit to achieve 3D imaging with existing 2D imaging systems but with a degradation in image quality. We propose a novel multiplexing method which relies on compressed-sensing (CS) principles to significantly reduce the number of coaxial cables. We exploit the compressive multiplexer (CMUX) introduced for radio-frequency signals to multiplex US signals in the probe head. The CMUX considers a set of signals as inputs, modulates them with chipping sequences and sums them to form a single output. On the reconstruction side, we propose two methods: one solving a CS-based problem exploiting sparsity of US signals in a pulse-stream model (CS-PS) and another one solving a least-squares problem in the Fourier domain based on bandlimited signal properties of US signals. We demonstrate through simulations and in vivo experiments that the proposed techniques lead to high-quality reconstruction with significantly fewer coaxial cables, up to 12x less with CS-PS.