Key Highlights
- Clear Street plans a January 2026 IPO, with the company expected to be valued between $10 billion and $12 billion.
- Goldman Sachs is anticipated to lead the deal, positioning Clear Street for a major entry into the public markets.
- Founded in 2018, Clear Street has underwritten about $91B in equity, debt, and M&A deals this year alone.
Clear Street, a New York-based financial services firm known for advising companies on crypto treasury deals, is preparing to go public early next year.
As per a Financial Times report, sources familiar with the matter said the listing could be valued between $10 billion and $12 billion, according to sources, with Goldman Sachs expected to lead the deal. The initial public offering (IPO) may happen as soon as January 2026.
The firm has quietly positioned itself at the center of a wave of companies buying and holding cryptocurrencies, and insiders say its IPO could value the company at as much as $12 billion.
Founded in 2018, Clear Street has become a major player in terms of adopting the “crypto treasury” trend. This is when companies buy and hold digital assets like Bitcoin (BTC) as part of their corporate strategy. One of its biggest clients is Michael Saylor’s Strategy, which has purchased 650,000 BTC using billions of dollars raised from equity and debt. Clear Street also worked with the Trump Media & Technology Group (TMTG) and other crypto-linked firms.
This year alone, Clear Street has underwritten around $91 billion in deals, including equity, debt, and mergers and acquisitions. Some notable clients include crypto figures like Anthony Pompliano and former presidential candidate Vivek Ramaswamy.
Market challenges
The crypto market has, however, cooled recently. Bitcoin has lost about 30% of its value since early October. In the past month alone, it has dropped 13% and is now trading around $89,582.
This decline has put pressure on companies with large BTC reserves, affecting their stock prices and making it harder for smaller crypto treasury firms to raise new capital.
Strategy Inc. (MSTR) is currently trading at around $178.99. It is down 3.77% on the day and has fallen roughly 60% over the past six months. Smaller companies that follow the crypto treasury model often trade below the value of their digital assets. This raises questions about sustainability and liquidity in the market.
Despite the recent hiccups, an IPO by Clear Street signals widespread acceptance of digital assets among mainstream investors. The company’s performance in the public market might influence other crypto-focused firms planning to go public in 2026.
Other crypto IPOs
Other crypto companies are also making moves. American Bitcoin, linked to Donald Trump Jr. and Eric Trump, officially launched on Nasdaq in September 2025 after merging with Gryphon Digital Mining (GRYP). American Bitcoin currently holds 2,443 BTC, worth about $273 million, making it the 25th-largest publicly traded company to own Bitcoin.
Circle, the U.S.-based stablecoin issuer, has already gone public, raising over $1 billion, with shares initially priced at $66 and briefly hitting $100.
In Asia, HashKey plans a $200 million IPO in Hong Kong, while Thailand’s Bitkub Exchange is considering a similar listing, as the region strengthens its position as a crypto hub.
