London-based Crypto Custody Provider Weighs IPO Options

Copper is in early-stage discussions about a potential Initial Public Offering (IPO), according to people familiar with the matter, as institutional capital increasingly targets regulated crypto infrastructure rather than token-driven business models.

The London-based crypto custody provider is evaluating listing options amid renewed investor interest in what market participants describe as digital-asset “plumbing”, custody, settlement, collateral management, and risk infrastructure that underpins institutional crypto activity.

Infrastructure Firms Take Center Stage

Copper’s IPO considerations come just one week after rival custodian BitGo completed its public market debut on the New York Stock Exchange.

BitGo priced its IPO above the initial range at $18 per share, raising approximately $212.8 million and reaching a valuation of about $2.08 billion. While the listing confirmed strong demand for regulated crypto infrastructure, BitGo’s shares have since experienced volatility, falling roughly 30% from post-IPO highs to trade near $12.50 by late January 2026.

Despite the pullback, the offering is widely viewed as reopening the IPO window for digital asset firms with compliant, revenue-generating business models.

Banks Circle as Advisors

Copper has reportedly entered preliminary talks with major investment banks, including Goldman Sachs, Citigroup, and Deutsche Bank, regarding a potential listing.

Sources indicate that any formal IPO process will depend on Copper achieving specific near-term revenue milestones, as underwriters and investors remain selective following years of volatility in crypto equity valuations.

Building the “Financial Plumbing” for Institutions

Founded in 2018, Copper has focused on institutional-grade infrastructure rather than retail trading or token issuance. Its flagship product, ClearLoop, allows institutions to keep assets in segregated custody and only settle on exchanges at the moment of execution, significantly reducing counterparty and exchange risk.

The firm has also expanded into collateral management and financing services. Most recently, Copper deepened its role as custodian and collateral manager for Cantor Fitzgerald, supporting Bitcoin-backed financing activity.

Beyond traditional custody, Copper has moved into tokenized financial products, launching support for tokenized money market funds such as BlackRock BUIDL, reflecting growing demand for regulated on-chain versions of traditional assets.

A Changing IPO Narrative for Crypto

Copper’s IPO discussions highlight a broader shift in how public market investors evaluate crypto companies. Instead of growth tied to speculative trading volumes, attention has moved toward firms that provide compliance-heavy, revenue-stable infrastructure for banks, asset managers, and large institutions.

While Copper has not confirmed a timeline or jurisdiction for a potential listing, its deliberations underscore a renewed confidence that regulated crypto infrastructure companies can access public markets in 2026, even as investor scrutiny remains high.

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