Clear Street, a New York brokerage that has become a leading underwriter in the crypto-treasury boom, is preparing for a public offering with an expected valuation of $10 billion to $12 billion, the Financial Times reported, citing people familiar with the matter. Goldman Sachs is lined up to lead the deal, which could occur as early as next month, though one source told the FT it is unlikely to price before January.
Founded in 2018, Clear Street rose to prominence as dozens of public companies adopted the “crypto treasury” strategy—raising capital through equity or debt and deploying proceeds to buy large amounts of Bitcoin. The approach was popularized by Michael Saylor’s MicroStrategy, which has accumulated roughly 650,000 BTC through multiple stock and convertible offerings underwritten in part by Clear Street.
The firm also acted as an underwriter for Trump Media and Technology Group, which has indicated plans to raise billions to establish its own Bitcoin treasury. According to Clear Street’s website, the firm has underwritten about $91 billion in combined equity, debt and mergers-and-acquisitions transactions so far this year, including deals for crypto figures such as Anthony Pompliano and Vivek Ramaswamy.
The IPO plans come as the crypto-treasury model shows strain. Bitcoin has fallen roughly 30% since early October, while MicroStrategy’s share price has dropped about 60% over the past six months. Many smaller crypto-treasury firms now trade at discounts to the value of the tokens they hold, limiting their ability to issue new stock to fund additional Bitcoin purchases—the same mechanism that powered the model during the bull run.
In a recent report, Galaxy Research said Bitcoin treasury companies are entering a “Darwinian phase” as core mechanics of their business model break down. “For treasury companies whose equities had been serving as leveraged crypto trades, the shift has been intense,” Galaxy said, adding that the “same financial engineering that amplified upside has magnified downside.”
The push to go public has been broad across the market. The FT noted roughly 316 companies listed in the US this year, raising around $63 billion—the highest total since 2021. Crypto firms have been part of that trend: Grayscale Investments filed an S-1 to list on the New York Stock Exchange; BitGo filed for a US listing in September; and Gemini made its Nasdaq debut about three weeks after submitting its Form S-1 to the SEC.
