Brokerage Driving Major Crypto Treasury Deals Eyes $10

Brokerage Driving Major Crypto Treasury Deals Eyes $10–12 Billion Public Offering

Clear Street, a New York-based brokerage, is preparing for a public listing valued between $10 billion and $12 billion. Known for its active role in the growing crypto treasury market, the firm has underwritten significant deals for companies looking to buy Bitcoin as a part of their treasury strategies. As Clear Street approaches its initial public offering (IPO), the crypto market faces challenges, with Bitcoin prices declining and the treasury model showing signs of strain.

Key Takeaways

Clear Street’s IPO Plans: The New York brokerage plans to go public, potentially valuing between $10 billion and $12 billion.
Bitcoin's Recent Performance: Bitcoin prices have fallen about 30% since early October, impacting related businesses.
Growing Public Listings: There’s an increase in crypto companies going public, with 316 listings in the US this year, totaling around $63 billion raised.
Challenges for Crypto-Treasury Model: The model that helped many firms thrive is facing difficulties as Bitcoin's value declines.

Brokerage Driving Major Crypto Treasury Deals Eyes $10–12 Billion Public Offering

Clear Street’s Rise in the Crypto Market

Clear Street, a brokerage firm founded in 2018, has become a crucial player in the crypto treasury phenomenon. Many public companies have adopted this approach by raising capital through equity or debt to purchase significant amounts of Bitcoin. This strategy gained traction following the lead of Michael Saylor, whose company has amassed 650,000 BTC via various stock and convertible offerings that Clear Street helped underwrite.

Moreover, Clear Street has been an underwriter for the Trump Media and Technology Group, which plans to establish its own Bitcoin treasury operation.

As of this year, the firm has underwritten approximately $91 billion in equity, debt, and mergers and acquisitions, including notable transactions for crypto advocates such as Anthony Pompliano and former US presidential candidate Vivek Ramaswamy.

Clear Street’s Key Performance Metrics
Source: Clear Street website

Strains on the Crypto Treasury Model

While Clear Street prepares for its IPO, the crypto treasury model that fueled its growth is showing some weaknesses. Bitcoin has experienced a roughly 30% decline since early October, and the share price of firms employing this model has plummeted by 60% over the last six months.

Many smaller crypto treasury companies are currently trading below the value of their held tokens, limiting their ability to issue new stock for additional Bitcoin purchases—the same strategy that worked well during previous market booms.

According to a report from Galaxy Research, Bitcoin treasury firms are now facing a "Darwinian phase," indicating that their previously successful business models are struggling. Galaxy noted that the financial strategies that once amplified profits have also intensified losses.

Surge in Crypto Public Listings

The Financial Times highlights a trend where approximately 316 companies have gone public in the US this year, raising about $63 billion—the highest level since 2021.

In a notable move, crypto asset manager Grayscale Investments recently filed an S-1 with the US Securities and Exchange Commission (SEC) to list its shares on the New York Stock Exchange, joining a trend of crypto firms entering the public market this year.

Additionally, in September, crypto custody company BitGo filed for a US listing, while Gemini, founded by the Winklevoss twins, made its debut on Nasdaq just weeks after submitting its Form S-1 to the SEC.

As the crypto landscape continues to evolve, these movements signal an increasing acceptance and integration of digital assets into mainstream finance.

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