Copper Engages Cantor Fitzgerald to Explore $500 Million Sale Amid Subdued Crypto IPO Market

According to two people familiar with the matter, cryptocurrency custody firm Copper has engaged investment bank Cantor Fitzgerald to explore a sale at a valuation of about $500 million. The move signals a shift in how crypto infrastructure companies are pursuing liquidity options, with Copper previously weighing an IPO earlier this year before deciding a strategic sale may offer a cleaner exit route given softened public market conditions.

Copper's core asset in any transaction is ClearLoop, its in-custody settlement system that enables institutional trading without moving assets onchain, reducing settlement risk. The platform reported over 1,000 active counterparties and more than $50 billion in monthly notional trading volume, positioning it as key infrastructure for regulated financial firms seeking to deepen institutional crypto services.