Crypto custody firm Copper is in early discussions about a potential public listing, according to people familiar with the matter, with Goldman Sachs, Citi and Deutsche Bank named as banks that could be involved. One source said any decision to move ahead would depend on the company’s near-term revenue performance. Copper said it regularly reviews financing options to support its business and clients, but is not planning an IPO. A spokesperson declined to say whether the company is engaged in early listing talks.
Public markets reopen for crypto firms
Copper is the latest crypto-native company to be linked to the IPO market as digital-asset businesses return to public exchanges. Rival custody provider BitGo listed on the New York Stock Exchange last week at $18 per share, giving it an initial valuation of about $2 billion. The stock jumped 36% on its first trading day and closed at $18.49, but later came under pressure. At the time of publication, shares were trading near $12.50, roughly 30% below the IPO price.
According to the report, 2025 marked a sharp revival in crypto listings after years of limited IPO activity. Backed by clearer regulation and a supportive stance from the U.S. Securities and Exchange Commission, companies including Circle, CoinDesk owner Bullish and Gemini all made their public-market debuts. Pitchbook data showed that at least 11 crypto IPOs raised a combined $14.6 billion in 2025, compared with only $310 million in 2024.
Investors are rewarding infrastructure names
That rebound has not produced uniform results. Institutional-focused infrastructure businesses posted first-day gains of as much as 200%, while others such as Gemini struggled with post-listing volatility and finished the year well below their offer prices. White & Case partner Laura Katherine Mann told CoinDesk that if 2025 was led by listings tied to digital asset treasuries, 2026 is shaping up as a year for financial infrastructure companies. She said the next wave of candidates is likely to stress compliance maturity, recurring revenue and operational resilience, qualities public-market investors know well.
Copper’s profile fits the infrastructure theme
Copper offers institutional crypto infrastructure, including custody built on multi-party computation, or MPC, along with settlement and prime brokerage services aimed at reducing counterparty risk for banks and trading firms. The company also expanded its compliance bench. In March last year, it appointed Tammy Weinrib as chief compliance officer and Bank Secrecy Act officer for the Americas. Amar Kuchinad had previously been named global CEO in October 2024.