Crypto Treasury Backer Clear Street Plans For IPO at $12B Valuation

New York brokerage with backing for crypto treasury firms, Clear Street, is looking forward to a $10–12 billion public listing. The Initial Public Offering (IPO) is expected to happen by January 2026, and Goldman Sachs has been listed as the lead of the offering. Markedly, Clear Street’s IPO ambitions come just around the time when the Bitcoin price is facing a strain.

Clear Street’s IPO Expected in January 

Clear Street is planning for an IPO, with a valuation of between $10 billion to 12 billion. This company is largely recognized as one of the most active underwriters in the crypto-treasury boom. 

One source familiar with the matter noted that the deal is not likely to price before January. At the same time, the IPO is expected to come as early as next month 

Coincidentally, this is a time when the crypto-treasury model that contributed to Clear Street’s ascent is exhibiting signs of struggle. The crypto market has seen the Bitcoin price fall by roughly 30% since early October. At the moment, Bitcoin (BTC) is trading at $89,749.14, a 0.9% increase over the last 24 hours. 

MSTR Price Drops as Bitcoin Dips

This data from CoinMarketCap almost suggests an upside, but it is worth noting that the flagship cryptocurrency is struggling. 

In less than 3 months, the asset has fallen from over $126,000 to $81,000 before recovering to its current level. In addition to the BTC price drop, the share price of Strategy (MSTR), one of the top Bitcoin treasury firms, has plunged by 60% over the last six months.

Several large funds use the company as a tool to manage exposure to Bitcoin, thereby utilizing it as a hedge.

Strategy is Expected to Sell Bitcoin Holdings 

Following the sentiment in the market, there have been conversations about Strategy selling its Bitcoin holdings. 

However, the company’s CEO, Phong Le, explained how the company remains committed to Bitcoin while managing its finances carefully. Then again, he acknowledged that there are specific conditions under which Strategy would Sell Its holdings  

One of such is if the company’s stock price fell below its Net Asset Value (NAV). Another is if new sources of capital were no longer available, which may be unlikely, judging by the reputation of the firm.