Clear Street prepares for $12B IPO amid crypto turmoil

Traders Union
All News
Crypto News
Clear street prepares

All news

Top Stories

Editors' Picks

Crypto News

Financial News

Currencies

Market Voices

Companies

Regulators News

Central Banks News

Yaroslav Dmytrenko

06.12.2025

Clear Street prepares for $12B IPO amid crypto turmoil — Clear Street targets public listing as Bitcoin strategy weakens

Brokerage firm Clear Street, an underwriter for Trump Media and Technology Group and many crypto-treasury companies, is preparing for a public listing valued at $10–12 billion.

Founded in 2018, Clear Street gained prominence after dozens of public companies began adopting a “crypto treasury” strategy — raising capital through equity or debt markets and using the proceeds to purchase large amounts of Bitcoin.

This strategy was popularized by Michael Saylor’s Strategy, which accumulated 650,000 BTC via multiple share issuances and convertible bond offerings, partly with the assistance of Clear Street.

According to information on Clear Street’s website, the firm has facilitated approximately $91 billion this year in equity, debt, and mergers-and-acquisitions (M&A) transactions, including deals for prominent crypto advocates Anthony Pompliano and former U.S. presidential candidate Vivek Ramaswamy.

Clear Street is now preparing to go public itself, and according to reports by the Financial Times, the IPO could take place as early as next month. However, sources familiar with the matter say the final valuation is unlikely to be set before January.

This hesitation is understandable given current market conditions, as many of Clear Street’s former clients are now trading at a discount to the value of their token holdings, preventing them from issuing new shares to purchase additional BTC — a mechanism that formed the backbone of the model during the bull market.

At the same time, Clear Street’s IPO ambitions are emerging as the crypto-treasury model that fueled its rise begins to show signs of strain. Bitcoin has fallen by approximately 30% since early October, while Strategy’s stock price has dropped by 60% over the past six months.

“For treasury companies that used their shares to trade crypto with leverage, the changes have been significant,” a Galaxy Research report noted, adding that “the same financial instruments that enhanced upside potential also amplified downside risk.”

A Darwinian phase and trading at a loss

The same report states that crypto-treasury companies are entering a “Darwinian phase,” as the core mechanisms of their once-thriving business model begin to break down.

According to the Financial Times, approximately 316 companies went public in the United States this year, raising about $63 billion, the highest figure since 2021.

As we wrote, National Bank of Canada invests $273M in Strategy

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.