Clear Street, which underwrites and advises equity and debt offerings for companies seeking to raise public-market capital to accumulate Bitcoin and other digital assets, such as Strategy, is preparing a near-term IPO that could value the firm at up to $12 billion, according to the Financial Times. The listing could come as soon as January.

Clear Street’s public listing comes as major crypto-native firms, as well as crypto-linked companies, enter public equity markets in 2025, reflecting growing institutional acceptance of digital assets. Digital asset treasury companies have gained prominence as a key innovation in the crypto space this year.

However, the recent pullback in digital assets and crypto-exposed stocks raises the question of whether Clear Street can sustain the momentum that previously justified such a lofty valuation.