Key Notes
- Clear Street prepares for a listing that could value the firm between $10 billion and $12 billion.
- Goldman Sachs is expected to lead the offering, with a listing possible as early as January.
- The broker has become a major underwriter of crypto-treasury-driven stock deals, including Strategy and Trump Media.
Clear Street, the New York financial services firm underwriting crypto-treasury services, is preparing for a public offering that could land as early as next month. The move could value the rapidly expanding broker between $10 billion and $12 billion, marking one of Wall Street’s most significant market debuts tied directly to crypto-linked corporate balance-sheet strategies.
While Clear Street’s listing is unlikely to happen before January, the Financial Times reported on December 5 that Goldman Sachs is positioned to lead the offering.
Founded in 2018, Clear Street became one of the most prominent beneficiaries of the crypto-treasury model that gained traction in the US over the past year. Regulators’ softening stance under the Trump regime has triggered a wave of demand for BTC among publicly traded companies in the US. According to BitcoinTreasuries.net the top 100 publicly traded Bitcoin firms have acquired 1,062,021 BTC valued at approximately $94 billion as of December 6.
Michael Saylor-led IT firm kicked off the trend, raising billions in debt and equity from 2020 to amass a record 650,000 BTC reserve, according to SaylorTracker.
Clear Street has underwritten major crypto treasury deals, including offerings for Strategy and for Trump Media & Technology Group. The firm has advised on or underwritten roughly $91 billion in equity, debt, and M&A transactions this year alone, according to its website. Its star-studded clientele includes prominent crypto analyst Anthony Pompliano and former presidential candidate Vivek Ramaswamy.
Crypto-treasury stocks have come under pressure as digital assets retreated from peak valuations. Strategy’s (MSTR) shares also dipped 60% over the past six months. Amid concerns of possible delisting from key equity index benchmarks, CEO Phong Lee told CNBC that the firm is not at risk of selling BTC until 2065, emphasizing that Strategy’s ability to meet dividend obligations to its shareholders remains unimpaired.
Clear Street’s upcoming listing will test investor appetite for the crypto-treasury model amid uncertain US Fed policy and other macro-driven volatility risks heading into 2026.
