The New York brokerage behind major Bitcoin-treasury deals plans a 2026 public listing despite rising strain across crypto-linked corporate balance sheets1
Clear Street, a fast-growing New York brokerage deeply embedded in the corporate Bitcoin treasury boom, is preparing for a public listing that could value the firm between $10 billion and $12 billion. The move comes as the crypto-treasury model that helped fuel Clear Street’s rise shows early signs of structural weakness.
People familiar with the plans say the IPO could launch as soon as next month, with Goldman Sachs expected to lead the deal. One source suggested the offering is unlikely to finalize before January, setting up a high-profile debut early next year.
Founded in 2018, Clear Street gained momentum as public companies embraced a strategy of raising cash through equity or debt markets and reallocating it into large Bitcoin purchases. The approach was pioneered by firms that issued significant stock to acquire BTC, a trend Clear Street helped underwrite across roughly $91 billion in equity, debt, and M&A transactions this year.
The brokerage also gained visibility through its work with companies signaling their own Bitcoin-treasury ambitions, including Trump Media and Technology Group.
However, Clear Street’s IPO arrives during a tougher environment for the model that powered its ascent. Bitcoin has dropped about 30% since October, while several treasury-heavy firms now trade below the value of their BTC reserves, cutting off access to the issuance cycles that sustained the strategy during its peak.
Still, the broader market for listings is rebounding. More than 316 companies have gone public in the U.S. this year, raising roughly $63 billion, with crypto firms increasingly joining the wave. Asset managers, custodians, and exchanges—including Grayscale, Gemini, and BitGo—are pushing toward U.S. markets, signalling heightened institutional appetite for digital-asset exposure.
Clear Street’s planned debut will test whether investors still view crypto-treasury infrastructure as a long-term growth engine—or a fading bull-market phenomenon.
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