Clear Street Eyes $12B IPO with Goldman Sachs Backing

Goldman Sachs is throwing its weight behind a fintech upstart aiming for a massive public debut.

Clear Street, a name buzzing in the infrastructure layer of finance, is reportedly targeting a $12 billion valuation for its initial public offering. The move signals a major bet on modernizing the market's plumbing.

The New Guard Takes Aim

This isn't just another fintech story. It's a direct challenge to the legacy systems that have propped up Wall Street for decades. The backing from a titan like Goldman Sachs provides more than just capital—it's a stamp of credibility that cuts through the usual startup noise.

The platform bypasses the old, clunky infrastructure, offering prime brokerage and clearing services on a tech stack built this century. It’s a play for efficiency in a sector notorious for its friction and eye-watering fees.

Why This IPO Matters

A $12 billion target is a statement. It suggests investors are hungry for companies that build the rails, not just ride them. In an era where every firm wants to be a 'tech company,' Clear Street is actually building the engine.

The public markets have been cautious with tech listings lately. A successful debut here could pry the window open wider for other infrastructure-focused plays, proving there's appetite for the picks and shovels of finance.

Of course, in the grand tradition of Wall Street, it’s always fascinating to watch established giants fund the very disruptors that might one day eat their lunch—provided the fees are right.

The Bottom Line

Watch this space. If Clear Street hits its target, it validates a massive shift in how trading gets done. It’s a bet on a faster, cheaper, and less forgiving financial system. The old guard should take note: the plumbing is getting a full remodel.

Market challenges

The crypto market has, however, cooled recently. Bitcoin has lost about 30% of its value since early October. In the past month alone, it has dropped 13% and is now trading around $89,582. 

This decline has put pressure on companies with large BTC reserves, affecting their stock prices and making it harder for smaller crypto treasury firms to raise new capital.

Strategy Inc. (MSTR) is currently trading at around $178.99. It is down 3.77% on the day and has fallen roughly 60% over the past six months. Smaller companies that follow the crypto treasury model often trade below the value of their digital assets. This raises questions about sustainability and liquidity in the market.

Despite the recent hiccups, an IPO by Clear Street signals widespread acceptance of digital assets among mainstream investors. The company’s performance in the public market might influence other crypto-focused firms planning to go public in 2026.

Other crypto IPOs

Other crypto companies are also making moves. American Bitcoin, linked to Donald Trump Jr. and Eric Trump, officially launched on Nasdaq in September 2025 after merging with Gryphon Digital Mining (GRYP). American bitcoin currently holds 2,443 BTC, worth about $273 million, making it the 25th-largest publicly traded company to own Bitcoin.

Circle, the U.S.-based stablecoin issuer, has already gone public, raising over $1 billion, with shares initially priced at $66 and briefly hitting $100. 

In Asia, HashKey plans a $200 million IPO in Hong Kong, while Thailand’s Bitkub Exchange is considering a similar listing, as the region strengthens its position as a crypto hub.