Clear Street is preparing for a near-term initial public offering that could value the firm at as much as $12 billion, the Financial Times reports. The listing could take place as early as January and is expected to be led by Goldman Sachs.
The company underwrites and advises equity and debt offerings for firms that are raising public-market capital to build Bitcoin and other digital-asset treasuries. That service has become more visible this year as several crypto-native and crypto-linked businesses have entered public markets in 2025, a trend observers say signals growing institutional interest in digital assets.
Despite rising prominence, Clear Street’s business model faces mounting pressure. A recent retreat in digital-asset prices and a slump in stocks exposed to crypto have raised doubts about whether the firm can sustain the momentum and justify the valuation implied by the reported IPO price range.
The FT report frames the potential offering as part of a wider wave of crypto-related companies seeking public listings, while noting that market volatility could complicate Clear Street’s path to a successful debut.
Vivian Nguyen
Dec. 6, 2025