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The plans of a New York brokerage firm to go public with a stock offering in the range of $10–12 billion are no longer just a corporate event but an indicator of the maturity of an entire layer of infrastructure around crypto-assets. Clear Street has transformed in recent years into one of the key intermediaries for funds and companies managing digital assets at an institutional level: from treasury strategies with $BTC and Ethereum to working with derivatives and hedging. In fact, we see how a business model that has grown at the intersection of traditional prime brokerage and crypto treasury is vying for a valuation comparable to major players in the classic stock market.