Cryptocurrency custody company Copper is in early talks about a public listing, according to three people with knowledge of the matter.
Goldman Sachs, Citi and Deutsche Bank are among the investment banks potentially involved, according to one source.
The decision on whether to go public will depend on the company’s near-term revenue performance, said a second person, who spoke on condition of anonymity as the matter is private.
“As a matter of course, Copper periodically evaluates a range of potential financing options to support the business and our customers, but we are not planning an IPO,” a Copper spokesperson said in emailed comments.
However, the spokesperson declined to comment on whether the company is currently in initial talks about a possible listing.
Goldman Sachs, Citi and Deutsche Bank did not respond to requests for comment at the time of publication.
From the trenches to the IPO
Copper has joined the growing wave of digital asset companies eyeing public markets, becoming the latest crypto-native player to weigh an IPO. 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 offering achieved an initial market valuation of approximately $2 billion, setting a new benchmark for companies that provide plumbing or infrastructure for the financial industry. On its first day of trading, the stock rose 36% before closing the session at $18.49. Since that initial peak, the stock has faced significant downward pressure. Shares were trading around $12.50 at the time of this publication, falling approximately 30% from the IPO price.
After years on the sidelines, the cryptocurrency industry finally surpassed the IPO limit in 2025, transforming from a speculative frontier to a mainstay of the public markets.
Buoyed by an increase in regulatory clarity and a pro-crypto stance from the Securities and Exchange Commission (SEC), major companies including CoinDesk owner Circle (CRCL), Bullish (BLSH), and Gemini (GEMI) successfully debuted on the public market. According to Pitchbook data, at least 11 cryptocurrency IPOs raised a combined $14.6 billion in 2025, a big jump from the mere $310 million raised in 2024.
While the year was defined by the arrival of these blockbuster listings, performance remained a tale of two markets. Institutional-grade infrastructure stocks soared as much as 200% in their early days, while others, like Winklevoss-led Gemini, struggled under the weight of post-debut volatility, ending the year significantly below their offering prices.
If 2025 was dominated by listings linked to digital asset treasuries (DATs), 2026 is shaping up to be a year of financial infrastructure, Laura Katherine Mann, a partner at White & Case, told CoinDesk in an interview. She expects the next wave of IPO candidates to emphasize compliance maturity, recurring revenue and operational resilience, attributes more familiar to public market investors.
Copper fits that profile. The company provides institutional-grade crypto infrastructure, including custody based on multi-party computing (MPC) technology, as well as prime brokerage and settlement services designed to reduce counterparty risk for banks and trading firms.
The escrow firm appointed Tammy Weinrib as chief compliance officer and Bank Secrecy Act lead for the Americas in March last year, as part of its expansion into the region. His appointment followed that of Amar Kuchinad as global chief executive in October 2024.
Read more: Copper hires Tammy Weinrib as chief compliance officer for the Americas as it expands in the US.
