Clear Street, a New York–based brokerage that has emerged as one of the most active underwriters in the crypto-treasury boom, is preparing to go public at a projected valuation between $10 billion and $12 billion.
The IPO could launch as early as next month, with Goldman Sachs set to lead the offering, the Financial Times reported, citing people familiar with the plans. One source noted, however, that the deal is unlikely to price before January.
Founded in 2018, Clear Street gained prominence as a wave of public companies embraced the “crypto treasury” strategy — raising capital through equity or debt offerings and deploying the proceeds to buy large amounts of Bitcoin. The playbook was popularized by Michael Saylor’s Strategy, which has amassed 650,000 BTC through a series of stock and convertible offerings, many of which Clear Street helped underwrite.
The brokerage has also served as an underwriter for Trump Media and Technology Group, which has indicated it plans to raise billions to build a Bitcoin treasury of its own.
According to its website, Clear Street has underwritten roughly $91 billion in combined equity, debt, and M&A transactions so far this year, including deals linked to prominent crypto advocates Anthony Pompliano and former U.S. presidential candidate Vivek Ramaswamy.
Crypto Treasury Model Shows Signs of Strain
Clear Street’s IPO plans come at a time when the crypto-treasury model that helped fuel its rise is beginning to show stress. Bitcoin has fallen roughly 30% since early October, and Strategy’s share price has plunged 60% over the past six months.
Many smaller treasury-style firms now trade at discounts to the value of the Bitcoin they hold. That cuts off their ability to issue new shares to buy additional BTC — the same mechanism that powered their growth during the bull market.
A recent Galaxy Research report warned that Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming model begin to break down.
“For treasury companies whose equities had been serving as leveraged crypto trades, the shift has been intense,” Galaxy wrote, noting that the “same financial engineering that amplified upside has magnified downside.”
Crypto Firms Rush to Go Public
The Financial Times reports that about 316 companies have listed in the U.S. so far this year, raising roughly $63 billion — the highest total since 2021.
Crypto firms are increasingly part of that wave. Last month, Grayscale Investments filed an S-1 with the U.S. Securities and Exchange Commission (SEC) in a bid to list its shares on the New York Stock Exchange.
In September, crypto custody provider BitGo also filed for a U.S. listing. That same month, Gemini — led by the Winklevoss twins — debuted on Nasdaq, just three weeks after submitting its Form S-1 to the SEC.
