Cryptocurrency custodian Copper is in early talks to go public, according to three people familiar with the matter.
Goldman Sachs, Citi and Deutsche Bank are among the investment banks that could be involved, one source said.
The decision to pursue a public listing will depend on the company’s near-term earnings performance, said another person, who asked not to be identified as the matter is private.
“As standard practice, Copper regularly evaluates various financing possibilities to support its business and customers, but does not plan an IPO,” a Copper spokesperson said in an emailed comment.
However, a spokesperson declined to comment on whether the company is currently in initial talks about a potential listing.
Goldman Sachs, Citi and Deutsche Bank did not respond to requests for comment by the time of publication.
From the trenches to IPO
Copper has become the latest crypto-native player to consider an IPO, joining a growing wave of digital asset companies eyeing the public markets. The move follows a high-profile debut by rival custody provider BitGo (BTGO), which listed on the New York Stock Exchange last week at $18 per share.
BitGo’s products achieved an initial market valuation of approximately $2 billion, setting a new benchmark for companies providing plumbing and infrastructure to the financial industry. On its first day of trading, shares soared 36% to close at $18.49. Since the initial surge, the stock has faced significant downward pressure. At the time of publication, the stock was trading around $12.50, down about 30% from its IPO price.
After years on the sidelines, the cryptocurrency industry finally broke the IPO cap in 2025, transforming from a speculative frontier to a mainstay of public markets.
Buoyed by increased regulatory transparency and the Securities and Exchange Commission’s (SEC) pro-crypto stance, major companies such as Circle (CRCL), CoinDesk owner Blish (BLSH), and Gemini (GEMI) have successfully made their public market debuts. At least 11 crypto IPOs will raise a combined $14.6 billion in 2025, up from just $310 million in 2024, according to Pitchbook data.
Although the year was marked by the arrival of these blockbuster products, performance remained a tale of two markets. While infrastructure stocks targeted at institutional investors soared as much as 200% on their first day, others, such as Winklevoss’ Gemini, struggled under the weight of post-debut volatility and ended the year well below their offering price.
If 2025 was dominated by listings related to digital asset treasury (DAT), 2026 is shaping up to be more of a financial infrastructure year, White & Case partner Laura Katherine Mann told CoinDesk in an interview. She expects the next IPO candidates to focus on compliance maturity, recurring revenue, and operational resiliency, factors that are more familiar to public market investors.
Copper fits that profile. The company provides institutional-grade crypto infrastructure, including custody built on Multi-Party Computation (MPC) technology, as well as payment and prime brokerage services designed to reduce counterparty risk for banks and trading companies.
The custodian last March appointed Tammy Weinrib as chief compliance officer and head of bank secrecy for the Americas as part of its expansion in the region. Her appointment followed Amal Cousinado’s appointment as global CEO in October 2024.
read more: Copper hires Tammy Weinrib as chief compliance officer for the Americas as it expands in the US