Copper Explores IPO Option as Crypto Custody Firms Eye Public Markets

Copper Reportedly in Talks With Investment Banks, Evaluates IPO Options

(Source: CopperHQ)

Multiple sources indicate that crypto asset custodian Copper is holding early-stage discussions to explore the possibility of going public. Goldman Sachs, Citi, and Deutsche Bank have been mentioned as potential investment banking partners, but talks remain preliminary. Copper’s decision to pursue an IPO will depend on near-term revenue performance and overall financial health. According to an anonymous source, management continues to monitor market timing and has not yet reached a final decision.

In response, Copper stated that it routinely reviews various financing and capital strategies to support its business and client needs, but currently has no definitive IPO plan. The company also declined to directly confirm whether substantive talks with investment banks have begun.

BitGo’s IPO Sparks Rising Interest in Crypto Custodians

Copper is not alone in eyeing the capital markets. Recently, competitor BitGo debuted on the New York Stock Exchange under the ticker BTGO, with an initial offering price of $18 per share and an opening market cap of roughly $2 billion.

BitGo’s shares soared as much as 36% on the first day of trading, ultimately closing at $18.49—a strong start. However, the stock soon experienced a notable pullback, underscoring the high volatility in crypto company valuations.

2025 Becomes a Turning Point for Crypto IPOs

Once considered a high-risk sector, the crypto industry broke through the IPO ceiling in 2025. With regulatory conditions improving and the U.S. Securities and Exchange Commission (SEC) adopting a more supportive approach, several major crypto companies successfully entered the public market.

Companies such as Circle (CRCL), Bullish (BLSH), and Gemini (GEMI) completed their IPOs. According to Pitchbook, at least 11 crypto companies went public in 2025, raising a total of $14.6 billion—far exceeding the $310 million raised in 2024.

2026: Shift Toward Financial Infrastructure Firms

Laura Katherine Mann, Partner at White & Case, notes that while digital asset reserve (DAT) firms dominated the 2025 IPO landscape, 2026 is likely to spotlight financial infrastructure-focused companies.

She believes that future public market contenders will need to demonstrate three critical strengths:

• Mature compliance capabilities
• Stable and predictable revenue models
• Resilient systems and operations

These qualities are also core fundamentals prized by traditional financial markets.

Copper’s Positioning and Organizational Structure

From a business structure perspective, Copper meets these standards. The company specializes in institutional-grade crypto asset infrastructure, offering core services such as:

• Asset custody systems leveraging multi-party computation (MPC) technology
• Crypto asset settlement services
• Prime Brokerage services to help banks and trading institutions mitigate counterparty risk

On the organizational front, Copper appointed Tammy Weinrib as Chief Compliance Officer for the Americas and Bank Secrecy Act (BSA) lead in March 2025, highlighting its commitment to compliance and regulatory frameworks. In October, Amar Kuchinad was named Global CEO, further strengthening the company’s internationalization and corporate governance.

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Conclusion

While Copper has yet to make a definitive commitment to an IPO, industry trends, company positioning, and organizational changes indicate a strategic move toward public market standards. If 2026 indeed becomes the year for financial-focused crypto companies to go public, Copper is likely to be among the top candidates drawing significant market attention.