Copper sets $500 million price tag as it pivots from IPO to sale
The firm’s decision follows a broader slowdown in digital asset IPOs driven by Bitcoin trading below $80,000, though deal-making activity remains robust across the sector.
Cryptocurrency custody firm Copper has initiated a sale process with an asking price of $500 million (U.S.), appointing Wall Street investment bank Cantor Fitzgerald to manage the transaction and identify a buyer. The move marks a strategic pivot for the firm, which recently decided against pursuing an initial public offering (IPO) in the current year.
The decision to shelve public listing plans comes amid a challenging environment for digital asset markets. Bitcoin is currently trading below $80,000 (U.S.), contributing to a broader cryptocurrency market slump that has slowed the pace of recent IPOs. Despite this headwind, the underlying infrastructure sector continues to see significant commercial activity.
Founded in 2020, Copper operates the ClearLoop settlement system, which allows institutional clients to execute delivery versus payment transactions from within custody without bringing assets onchain. The firm reports serving more than 1,000 active counterparties and facilitating over $50 billion (U.S.) in monthly trading volumes.
While Copper seeks a new owner, other major players in the digital asset space are continuing to expand their capabilities through acquisitions and consolidation. In recent months, Mastercard agreed to acquire stablecoin infrastructure firm BVNK for $1.8 billion (U.S.), and British bank Standard Chartered announced it would purchase the remaining shares of its subsidiary, Zodia Custody.
The $500 million figure represents Copper’s valuation tag for the sale process. The identity of the highest bidder and the timeline for the completion of the transaction have not yet been disclosed.
