Clear Street targets $10–12B IPO, Goldman Sachs to lead
Clear Street, a New York-based brokerage prominent in underwriting transactions related to the crypto-treasury trend, is preparing for an initial public offering that could value the firm between $10 billion and $12 billion. The listing could occur as soon as next month, with Goldman Sachs set to lead the deal, the Financial Times reported, citing people familiar with the plans. One source told the FT the offering is unlikely to price before January.
Founded in 2018, Clear Street gained visibility as multiple publicly listed companies pursued a “crypto treasury” strategy, raising funds in equity or debt markets and allocating proceeds to purchase Bitcoin (BTC). The approach was popularized by Michael Saylor’s Strategy, which has acquired 650,000 BTC through a series of stock and convertible note offerings, some of which were underwritten in part by Clear Street.
The brokerage also acted as an underwriter for Trump Media and Technology Group, which has indicated plans to raise several billion dollars to build its own Bitcoin treasury operation. According to its website, Clear Street has underwritten approximately $91 billion in combined equity, debt, and mergers and acquisitions transactions so far this year, including deals involving crypto advocates Anthony Pompliano and former U.S. presidential candidate Vivek Ramaswamy.
Crypto-treasury model faces pressure
Clear Street’s IPO plans come as the crypto-treasury model shows signs of stress. Since early October, Bitcoin has declined roughly 30%, while Strategy’s share price has dropped 60% over the past six months. Several smaller crypto-treasury companies now trade at discounts to the value of their token holdings, limiting their ability to issue new shares to purchase additional BTC, a mechanism that supported the strategy during the bull market.
In a recent report, Galaxy Research said Bitcoin treasury companies are entering a “Darwinian phase” as the underlying mechanics of their business model deteriorate. “For treasury companies whose equities had been serving as leveraged crypto trades, the shift has been intense,” the report said, noting that the “same financial engineering that amplified upside has magnified downside.”
Crypto firms accelerate public listings
According to the FT, around 316 companies have listed in the United States this year, raising approximately $63 billion, the highest total since 2021. Last month, crypto asset manager Grayscale Investments filed an S-1 with the U.S. Securities and Exchange Commission to list its shares on the New York Stock Exchange, joining a broader wave of crypto-related listings this year.
In September, crypto custody provider BitGo also filed for a U.S. listing. That same month, Gemini, operated by the Winklevoss twins, made its Nasdaq debut roughly three weeks after submitting its Form S-1 to the SEC.
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