Brokerage behind major crypto treasury deals eyes $10–12B public listing: FT

New York brokerage Clear Street, a key underwriter of the crypto-treasury boom, is planning a $10–12 billion public listing.

Clear Street, a New York brokerage that has become one of the most active underwriters in the crypto-treasury boom, is preparing to go public with an expected valuation of $10 billion to $12 billion.

The IPO could come as early as next month, with Goldman Sachs lined up to lead the offering, the Financial Times reported, citing people familiar with the matter. One source reportedly told the FT that the deal is unlikely to price before January.

Founded in 2018, Clear Street rose to prominence as dozens of public companies began adopting the “crypto treasury” playbook, raising capital through equity or debt markets and using the proceeds to buy large quantities of Bitcoin (BTC). The strategy was popularized by Michael Saylor’s Strategy, which has accumulated 650,000 BTC through multiple stock and convertible offerings underwritten in part by Clear Street.

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