Clear Street, the New York brokerage that became a major underwriter during the crypto-treasury surge, is preparing a public offering expected to value the firm at $10 billion–$12 billion, the Financial Times reported, citing people familiar with the matter. Goldman Sachs is positioned to lead the transaction, which could be launched as soon as next month, although one source told the FT it is unlikely to price before January.
Founded in 2018, Clear Street rose rapidly as a go-to underwriter for companies pursuing a “crypto treasury” strategy—raising capital via equity or debt offerings and using proceeds to buy large amounts of Bitcoin. That approach gained prominence with Michael Saylor’s MicroStrategy, which has acquired about 650,000 BTC through multiple stock and convertible offerings that Clear Street helped underwrite.
Clear Street has also underwritten deals for other high-profile crypto-related issuers, including Trump Media and Technology Group, which has signaled plans to build its own Bitcoin treasury. The firm’s website says it has underwritten roughly $91 billion of combined equity, debt and M&A transactions so far this year, including offerings for figures such as Anthony Pompliano and Vivek Ramaswamy.
The timing of Clear Street’s IPO comes as the crypto-treasury model faces stress. Bitcoin has fallen about 30% since early October, and MicroStrategy’s share price has plunged roughly 60% over the past six months. Many smaller treasury-focused companies now trade below the market value of the tokens they hold, constraining their ability to issue new stock to fund additional crypto purchases—the very lever that amplified returns during the prior bull run.
Analysts have warned that the model’s dynamics are changing. A recent Galaxy Research report argued that Bitcoin treasury companies are entering a “Darwinian phase,” where the same financial engineering that boosted gains has intensified losses for equity holders.
The push by Clear Street to go public is part of a broader rebound in U.S. listings this year. The FT noted about 316 companies listed in the U.S. in the period, raising roughly $63 billion—the highest annual total since 2021. Crypto-related firms have been part of that wave: Grayscale filed an S-1 for an NYSE listing, BitGo submitted a U.S. listing filing in September, and Gemini made its Nasdaq debut roughly three weeks after filing its Form S-1 with the SEC.