Copper, a London-based digital asset custodian backed by Barclays, is weighing a potential initial public offering as investor appetite for cryptocurrency infrastructure companies grows. The discussions, reported by CoinDesk citing sources close to the talks, implicate a lineup of heavyweight banks including Deutsche Bank, Goldman Sachs and Citigroup. Copper did not confirm active plans for a listing, with a spokesperson saying the firm is not currently planning an IPO, though they also declined to comment on whether early discussions are underway.
Founded to provide institutional-grade custody, settlement and collateral management for digital assets, Copper aims to help financial institutions store and move crypto while mitigating counterparty risk. The company has previously built out a network of strategic relationships that position it as a core piece of the crypto infrastructure stack. In recent months, Copper’s profile has risen as institutions seek regulated, trustworthy on-ramps into the digital asset ecosystem.
Historically, Copper has strong ties to traditional finance. Cantor Fitzgerald selected Copper as a Bitcoin (Bitcoin (CRYPTO: BTC) custody partner, a move that underscored the dealer’s confidence in Copper’s ability to safeguard digital assets for premium clients. Copper has also collaborated with Coinbase to facilitate off-exchange settlement for institutional clients, expanding its reach beyond on-chain settlements and into more traditional settlement workflows.
Institutional interest in digital assets has persisted as US regulation evolves, nudging more actors toward regulated, bank-like infrastructure. If Copper were to pursue a public listing, it would position itself alongside rivals and peers that aim to provide the plumbing for crypto markets—clearing, custody and collateral management—much as traditional clearinghouses and custodial banks serve conventional finance.
Related: Crypto’s bank-like turn puts JPMorgan on edge
BitGo IPO highlights crypto’s growing momentum on Wall Street
One prominent data point illustrating the momentum is BitGo’s recent public-market debut. The company priced its initial public offering at $18 per share after raising more than $200 million in gross proceeds from the sale of 11.8 million Class A common shares. The listing marks another milestone in the ongoing integration of crypto-focused firms into traditional equity markets.
In the days following the pricing, BitGo’s stock moved higher in early trading but subsequently retraced. It later traded below its IPO price, leaving the company with a market capitalization around $1.4 billion. The volatility observed in BitGo’s trading underscores the broader challenge facing new entrants into the public markets in the crypto space, even as investor interest remains robust and headline activity remains high.
Beyond BitGo, several crypto firms have explored or pursued public listings in recent years. Circle, Gemini, Bullish and Figure Technologies have all toyed with IPO plans or funding-driven exits, while Kraken and Ledger have been publicly discussed as potential candidates. The sector’s path to the public markets is unlikely to be linear, with varying valuations, regulatory reviews and capital-market conditions shaping outcomes for each player.
As the sector moves deeper into public markets, investors are watching for how these companies align with global regulatory expectations, how their cash-flows hold up under scrutiny, and how their governance structures evolve to address the risks inherent in crypto exposure. The trajectory of Copper, whether it directly pursues an IPO or remains private while pursuing strategic partnerships, will be read as a barometer for the broader appetite among institutional buyers for crypto infrastructure services.
For market participants, the ongoing wave of listings reinforces a key theme: the crypto economy is increasingly interwoven with traditional finance. Custodians, settlement engines and collateral-management platforms are emerging as essential infrastructure, mirroring the roles of central counterparties and custodians in established markets. The evolution of these businesses will influence liquidity, risk management, and capital allocation across the crypto ecosystem as more institutions seek regulated, efficient access to digital assets.
In a landscape where regulation and market structure are still taking shape, the real test lies in durability and governance. If Copper progresses toward a public listing, it will be watched for how it translates its institutional-grade capabilities into scalable, auditable processes that satisfy both investors and regulators. The industry is watching closely to see whether the IPO path can deliver the long-term reliability that institutional actors demand, while sustaining the innovation that drives digital-asset adoption forward.
What to watch next
- Progress of Copper’s public-listing discussions, including any formal statements or filings that clarify scope and timing.
- Details on bank participants’ roles, potential underwriters, and any indicative timelines for a decision.
- Regulatory developments that could affect custody and settlement providers operating in the United States.
- Market reception to upcoming crypto infrastructure IPOs and any shifts in investor risk appetite.
Sources & verification
- CoinDesk report on Copper exploring an IPO and the named banks involved.
- Cantor Fitzgerald selecting Copper as a Bitcoin custodian (linked in prior reporting).
- Copper’s collaboration with Coinbase for off-exchange settlement for institutional clients.
- BitGo's IPO pricing at $18 per share and the subsequent trading performance (Cointelegraph and Yahoo Finance coverage).
- Broader coverage of crypto-focused IPOs and the ongoing consideration of other companies for public listings (Cointelegraph).
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