Cryptocurrency custody firm Copper is reportedly exploring a sale of the company that could value the deal at approximately $500 million, according to people familiar with the matter. The London-based firm has selected Wall Street investment bank Cantor Fitzgerald to advise on the process, signaling a potential shift in the digital asset custody landscape.
Copper, founded in 2018 by Dmitry Tokarev, provides institutional-grade custody and prime brokerage services for digital assets. The company’s flagship offering is ClearLoop, an in-custody settlement system that allows network participants to trade without moving assets onchain, reducing counterparty risk. ClearLoop reportedly facilitates over $50 billion in monthly notional trading volume and connects more than 1,000 active counterparties.
The reported $500 million valuation would represent a significant premium over previous funding rounds, though the process is still exploratory and no final agreement has been reached. The sale process points to a broader trend of consolidation in crypto infrastructure, as large financial firms, fintech companies, and crypto-native platforms seek to acquire custody, settlement, and tokenization capabilities.
Copper had earlier considered an initial public offering, but with bitcoin trading below $80,000 and investor capital flowing heavily into artificial intelligence, public listings for crypto firms have been on hold. A sale could provide a faster path to liquidity. Recent industry deals, such as Mastercard’s planned $1.8 billion acquisition of BVNK and Kraken parent Payward’s agreement to buy Bitnomial, reflect strong appetite for regulated digital asset infrastructure.
For potential buyers, ClearLoop is the main asset. It addresses a structural problem in institutional crypto trading: the need to access liquidity across venues while minimizing the risks of moving assets out of custody. Any acquirer would need to underwrite ClearLoop’s growth potential against regulatory risks and competition. While the outcome remains uncertain, the advisory role of Cantor Fitzgerald underscores Wall Street’s increasing involvement in crypto M&A.
