Cryptocurrency custody firm Copper is beginning initial discussions 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 a source.
The decision whether to pursue a listing will depend on the company’s near-term revenue performance, said a second person, who spoke on condition of anonymity because the matter is private.
“As standard practice, Copper regularly evaluates a range of potential financing options to support the business and our customers, but we do not anticipate an IPO,” a Copper spokesperson said in emailed comments.
However, the spokesperson declined to comment on whether the company was currently engaged in preliminary discussions 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 IPO
Copper has joined the growing wave of digital asset companies eyeing public markets, becoming the latest crypto-native player to consider an IPO. The move follows the high-profile debut of rival custody provider BitGo (BTGO), which listed on the New York Stock Exchange last week at $18 per share.
BitGo’s offering reached an initial market valuation of around $2 billion, setting a new benchmark for companies that provide plumbing or infrastructure for the financial sector. On its first day of trading, the stock jumped 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 press time, down about 30% from the IPO price.
After years of inactivity, the cryptocurrency sector finally broke the IPO cap in 2025, moving from a speculative frontier to a mainstay of the public markets.
Driven by greater 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), have successfully debuted on the public market. According to Pitchbook data, at least 11 cryptocurrency IPOs raised a total of $14.6 billion in 2025, a sizable jump from just $310 million raised in 2024.
Even though the year was marked by the arrival of these blockbuster listings, the performance remained a tale of two markets. Institutional-grade infrastructure stocks saw their shares rise as much as 200% on their opening days, while others, like Winklevoss-led Gemini, struggled under the weight of volatility after their debuts, ending the year significantly below their offering prices.
If 2025 was dominated by listings tied to digital asset treasuries (DATs), 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 wave of IPO candidates to emphasize compliance maturity, recurring revenue and operational resilience, attributes more familiar to public markets investors.
Copper fits this profile. The company provides institutional-grade crypto infrastructure, including custody based on multi-party computation (MPC) technology, as well as settlement and prime brokerage services designed to reduce counterparty risk for banks and trading firms.
The custody company appointed Tammy Weinrib as head of compliance and head of Bank Secrecy Act for the Americas in March last year, as part of its expansion in the region. His appointment follows that of Amar Kuchinad as global CEO in October 2024.
Learn more: Copper hires Tammy Weinrib as Americas Compliance Director as it expands into the United States
