Clear Street Moves Toward $10–12 Billion IPO Under Crypto Strain

Quick Takeaways:

Clear Street prepares a $10–12B IPO with Goldman Sachs leading the offering.
Bitcoin’s decline puts pressure on the crypto-treasury model Clear Street helped fuel.
More crypto companies, including Grayscale, are rushing toward public listings in 2025.

Clear Street Sets Ambitious IPO Targets

Clear Street is getting ready for a public offering that might appraise the brokerage at between $10 billion and $12 billion.

Goldman Sachs is expected to lead the offering, according to the Financial Times.

A Key Underwriter in Crypto Treasury Deals

The firm became a major player during the crypto-treasury boom.
It underwrote deals for companies raising capital to buy large amounts of Bitcoin.

Clear Street supported offerings for Michael Saylor’s Strategy, which now holds 650,000 BTC.

It also underwrote Trump Media and Technology Group, which aims to launch its own Bitcoin treasury strategy.

Underwriting Volume Surges in 2025

Clear Street has underwritten about $91 billion in equity, debt, and M&A deals this year.
Its client list includes well-known crypto advocates Anthony Pompliano and Vivek Ramaswamy.

This surge in deal activity helped position the brokerage as a central player in the digital asset financing ecosystem.

Crypto Treasury Model Faces Growing Pressure

The planned IPO arrives as the crypto-treasury model begins to break down.
Bitcoin has fallen about 30% since early October, while Strategy’s stock has dropped 60% in six months.

Many smaller treasury firms now trade below the value of their token reserves.
This discount blocks access to new equity raises, the mechanism they relied on to buy more BTC.

Galaxy Research says the sector has entered a “Darwinian phase.”
Mechanics that once amplified gains now magnify losses as market conditions tighten.

Crypto Firms Accelerate Push Toward Public Listings