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

Clear Street, a New York brokerage significant in underwriting deals for the crypto-treasury boom, is preparing for a public listing with an expected valuation between $10 billion and $12 billion, possibly as early as next month, with Goldman Sachs leading the offering. Founded in 2018, Clear Street gained prominence as public companies adopted the 'crypto treasury' strategy, using proceeds from equity or debt markets to buy Bitcoin, notably underwriting offerings for Michael Saylor’s Strategy. The firm has underwritten about $91 billion in transactions this year, including deals for figures like Anthony Pompliano and Vivek Ramaswamy. However, this IPO plan arrives as the crypto-treasury model shows strain; Bitcoin has dropped significantly since October, and many smaller firms holding BTC now trade at discounts, hindering their ability to issue new stock for further crypto purchases. This situation has led Galaxy Research to suggest these companies are entering a "Darwinian phase" as their core business mechanics falter.

(Source：Cointelegraph)