- Clear Street, a New York brokerage, plans a public offering with a valuation between $10 billion and $12 billion.
- Goldman Sachs is expected to lead Clear Street’s IPO, potentially occurring within the next month but unlikely before January.
- The crypto-treasury model that propelled Clear Street faces challenges amid recent drops in Bitcoin prices and related stock values.
- The U.S. has seen a surge in public listings this year, with over 300 companies raising approximately $63 billion.
Clear Street, a New York-based brokerage known for underwriting deals in the crypto-treasury sector, is moving forward with plans for an initial public offering (IPO). The company aims for a value between $10 billion and $12 billion. The IPO could happen as soon as next month, with Goldman Sachs set to lead the offering, although one source mentioned the deal probably won’t price before January, according to a report.
Founded in 2018, Clear Street gained prominence as multiple public companies adopted the “crypto treasury” strategy, where firms raise capital through equity or debt markets to purchase significant quantities of Bitcoin (BTC). This approach was notably advanced by Michael Saylor’s firm, Strategy, which acquired about 650,000 BTC using stock and convertible offerings partially underwritten by Clear Street.
The brokerage also supported the underwriting for Trump Media and Technology Group, a company planning to develop a Bitcoin treasury. In 2025 alone, Clear Street underwrote nearly $91 billion across equity, debt, and mergers and acquisitions deals, participating in transactions for figures like Anthony Pompliano and Vivek Ramaswamy, according to information on the Clear Street website.
Despite these successes, the crypto-treasury model is currently under pressure. Bitcoin prices have dropped approximately 30% since early October, while Strategy’s stock has declined 60% in six months. Several smaller crypto treasury companies are trading below the value of their Bitcoin holdings, limiting their ability to issue new stock to buy more BTC. A recent Galaxy Research report described this phase as “Darwinian,” highlighting that the financial structures that previously increased gains now also amplify losses, stating, “For treasury companies whose equities had been serving as leveraged crypto trades, the shift has been intense.”
The public listing trend remains strong in the U.S., with around 316 companies going public this year, raising roughly $63 billion, the highest since 2021. Crypto firms are also joining this wave. Grayscale Investments recently filed to list shares on the New York Stock Exchange. In September, BitGo, a crypto custody company, filed for a U.S. listing, and Gemini, led by the Winklevoss twins, debuted on Nasdaq shortly after submitting its registration with the SEC.
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