Clear Street Targets $12B IPO Amidst Cooling Crypto-Treasury Frenzy

Clear Street's IPO Plans: Clear Street, a New York brokerage, is preparing for a public listing with a valuation between $10 billion and $12 billion, led by Goldman Sachs, amid a backdrop of significant activity in the crypto-treasury market.

Challenges Facing the Crypto-Treasury Model: The timing of the IPO is notable as Bitcoin's value has dropped significantly, impacting the revenue of treasury firms and raising concerns about the sustainability of the crypto-treasury model that Clear Street has benefited from.

Continued Underwriting Momentum: Despite pressures on treasury firms, Clear Street's underwriting volume remains strong, supported by a surge in U.S. public listings and its connections to high-profile crypto issuers, although future performance may depend on broader market conditions.

Upcoming IPO Considerations: The IPO filing process is underway, with the pricing window influenced by market appetite for crypto-linked companies, as Clear Street aims to showcase its role in growing issuance cycles while navigating mixed investor sentiment.