Crypto custody firm Copper is drawing interest from potential buyers, but the bids on the table are far below levels discussed earlier, according to CoinDesk, citing people familiar with the matter. The company, which was once valued at as much as $2.5 billion, has reportedly received offers of only $200 million. That compares with a $500 million offer made by Cantor Fitzgerald several months ago. The gap highlights how far current buyer interest sits below both Copper’s earlier valuation and prior acquisition interest. People familiar with the matter also said Copper is dealing with challenges tied to preferred shares after raising more than $300 million at a high valuation. The report points to pressure created by past fundraising terms as the firm weighs strategic interest from buyers.
Crypto custody firm Copper has attracted interest from potential buyers, but the offers so far are only $200 million, far below a $500 million offer made by Cantor Fitzgerald several months ago, according to CoinDesk, citing people familiar with the matter.
Copper was previously valued at as much as $2.5 billion. The people said the company is now facing challenges related to preferred shares after raising more than $300 million at that higher valuation.
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