Crypto Custody Firm Copper Seeks $500 Million Sale With Cantor Fitzgerald

Crypto custody firm Copper is looking to sell the company for about $500 million, according to two people familiar with the matter.

“Crypto custody firm Copper is looking to sell the company for $500 million Cantor Fitzgerald has been appointed to help with the sale, according to sources”

@coindesk

The reports say Wall Street investment bank Cantor Fitzgerald has been appointed to help with the sale, and Copper and Cantor did not respond to requests for comment.

@coindesk

Copper’s ClearLoop settlement system is described as the “jewel in Copper’s crown,” enabling network participants to do delivery versus payment (DvP) from within custody without bringing assets onchain, thereby eliminating settlement risk.

The company closed its enterprise custody business in 2023 to focus on ClearLoop, which was launched in 2020 and caters to dozens of institutional firms.

Copper’s website, as cited in the coverage, says it has more than 1,000 active counterparties and over $50 billion in monthly notional trading volume.

CoinDesk’s reporting, as relayed by Bitcoin World, says Copper is exploring a sale that could value the deal at approximately $500 million and that Cantor Fitzgerald was selected to assist with the process.

Bitcoin World also says Copper was founded in 2018 by Dmitry Tokarev and provides institutional-grade custody and prime brokerage services for digital assets.

Bitcoin World

The same coverage ties ClearLoop to off-exchange settlement, describing it as a key differentiator for Copper’s institutional clients.

TradingView’s account adds that Copper was considering an IPO shortly after rival BitGo debuted on the New York Stock Exchange, and it cites CoinDesk reporting that Deutsche Bank, Goldman Sachs, and Citigroup were among the banks involved.

TradingView also states that a Copper spokesperson said the company is not currently planning a public listing, while BitGo’s IPO was priced at $18 per share after raising more than $200 million in gross proceeds from the sale of 11.8 million Class A common shares.

The coverage frames Copper’s potential sale as part of broader crypto infrastructure deal-making, with Moomoo | Western Alternative listing Mastercard’s agreement to buy U.K.-based stablecoin infrastructure firm BVNK for as much as $1.8 billion.

“Summary - Copper is considering a sale of the company at about $500 million”

bloomingbit

Moomoo | Western Alternative also lists Payward’s agreement to acquire the derivatives platform Bitnomial and Bullish’s $4.2 billion deal to buy Equiniti, alongside Standard Chartered’s plan to buy the remaining shares of Zodia Custody.

In the same set of reporting, Copper is described as having been weighing an IPO earlier this year, potentially following BitGo, but with bitcoin trading below $80,000 and artificial intelligence soaking up most of the capital, the crypto IPO market was said to be on a holding pattern.

Bloomingbit adds that the market is watching whether a Copper sale could affect competition in institutional crypto custody and the industry’s consolidation trend.

Across the accounts, the ClearLoop system is repeatedly positioned as central to Copper’s value proposition, including its ability to enable DvP from within custody without bringing assets onchain.