Clear Street is preparing to list its shares in a deal that people close to the plan allegedly say could value the New York broker between $10 billion and $12 billion.

According to the Financial Times, the company wants to move as early as next month, though the timing may change because Goldman Sachs is expected to run the transaction and prefers a January window.

Clear Street has been active all year in the crypto treasury community, advising companies that wanted exposure to digital tokens while markets were pushing prices to record levels.

Clear Street launched in 2018 and grew fast as more public companies tried to boost their balance sheets with bitcoin and other tokens. The trend came from Strategy, the group led by Michael Saylor, which, since 2020, has raised billions in debt and equity to buy 650,000 bitcoin.

Several companies copied that move this year and hired Clear Street to help structure their offerings. One adviser close to those deals says the firm “became the easy pick for anyone trying to raise money around crypto holdings.”

Detail how Clear Street expands deal activity

The firm built a strong role in crypto-linked stock offerings, including work for Strategy, which turned its bitcoin bet into one of the biggest stories in public markets.

Clear Street also handled deals for Trump Media & Technology Group, which earlier this year said it aimed to raise billions to set up its own bitcoin treasury vehicle. The broker’s website lists $91 billion in equity, debt and M&A transactions this year, including deals tied to Anthony Pompliano and Vivek Ramaswamy.

The crypto treasury model is now facing pressure because token prices have fallen from their highs. Strategy’s stock is down 60% in six months. Bitcoin has dropped 30% since early October.

Many of the smaller companies copying Strategy now trade below the market value of the tokens they hold, which makes it hard for them to raise new money for more purchases.

Clear Street is moving ahead with its IPO during a year when US listings have been steady but not strong. Dealogic data says 316 IPOs since January raised around $63 billion, the highest since 2021.

But several large names have struggled after debuting. Figma jumped in July when investors valued it at $60 billion, but the stock has since fallen nearly 70%, turning it into one of the sharpest post-listing drops of the year.

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