Will Clear Street achieve a valuation of at least $12 billion at its IPO?

Clear Street — a fast-growing brokerage central to the rise of “crypto-treasury” financing — is preparing for a major IPO that could value the firm between $10–12 billion, according to the Financial Times. Founded in 2018, the company became known for underwriting equity and debt deals that enabled public firms to raise capital and convert it into large Bitcoin purchases, including Michael Saylor’s Strategy, which amassed 650,000 BTC partly through Clear Street. However, the IPO comes at a turbulent moment: Bitcoin is down 30% since October, and Strategy’s stock has fallen 60%, with analysts warning that crypto-treasury companies are entering a “Darwinian phase” as leverage-driven growth models face mounting pressure.