Strategy underwriter Clear Street plans to go public next year: Report

Core Insights - Clear Street plans to go public as early as January, establishing itself as a significant underwriter in the crypto-related stock offerings market [1] - The company has also acted as an underwriter for Trump Media & Technology Group, indicating its involvement in diverse sectors [2] - The digital asset treasury model, which Clear Street has supported, is facing challenges due to recent declines in crypto prices [3] Company Performance - The digital asset treasury model was popularized by Michael Saylor's Strategy, which saw a 3,500% increase in share price by July 2023, attracting other firms to invest in digital assets [4] - However, the recent crash in crypto prices has negatively impacted these investments, with Bitcoin down nearly 30% from its October high of $126,000 [4] - Strategy's stock has decreased by approximately 60% since its July peak, while Nakamoto, another crypto treasury firm, has experienced a 95% drop in share price [4] Financial Implications - Metaplanet, a hotel operator that transitioned to a Bitcoin treasury, is currently facing losses, with an average cost of $108,000 per Bitcoin while the current price is $89,000, resulting in a loss of nearly $17,000 per coin across its holdings [5] - Clear Street is not alone in the crypto sector, as Kraken has confidentially filed for an IPO, indicating ongoing interest in public offerings within the industry [6]