Key Takeaways
– Clear Street aims to list publicly in a deal led by Goldman Sachs, potentially valuing the firm at up to $12 billion.
– Clear Street’s model is coming under increasing pressure as digital assets retrace and related equities weaken.
Clear Street, which underwrites and advises equity and debt offerings for companies raising public-market capital to accumulate Bitcoin and other digital assets, is preparing a near-term IPO that could value the firm at up to $12 billion, the Financial Times reports. The listing could come as soon as January and is expected to be led by Goldman Sachs.
The potential public offering comes as several crypto-native and crypto-linked companies have entered public equity markets in 2025, a trend seen as reflecting rising institutional acceptance of digital assets. Firms that help other companies build digital-asset treasuries have gained prominence this year as a new business model in the sector.
However, a recent pullback in digital-asset prices and weakness in crypto-exposed stocks has raised questions about whether Clear Street can maintain the momentum and valuation implied by an IPO at the reported price level.
Vivian Nguyen
Dec. 6, 2025
