Crypto treasury underwriter Clear Street plans to go public early next year: FT

Key Takeaways

• Clear Street aims to list publicly in a deal led by Goldman Sachs, potentially valuing the firm at up to $12 billion.
• Clear Streets model is coming under increasing pressure as digital assets retrace and related equities weaken.

Clear Street, which underwrites and advises equity and debt offerings for companies seeking to raise public-market capital to accumulate Bitcoin and other digital assets, such as Strategy, is preparing a near-term IPO that could value the firm at up to $12 billion, according to the Financial Times. The listing could come as soon as January.

Clear Streets public listing comes as major crypto-native firms, as well as crypto-linked companies, enter public equity markets in 2025, reflecting growing institutional acceptance of digital assets. Digital asset treasury companies have gained prominence as a key innovation in the crypto space this year.

However, the recent pullback in digital assets and crypto-exposed stocks raises the question of whether Clear Street can sustain the momentum that previously justified such a lofty valuation.