London-based custody specialist Copper is reportedly conducting serious talks about a public offering and has engaged major banks — Goldman Sachs, Citibank and Deutsche Bank — as potential underwriters. This consideration follows competitor BitGo’s $2 billion IPO last month, which established a recent precedent for custody providers seeking public capital. Copper positions itself as a provider of secure custody services for hedge funds, family offices and institutional investors, and it holds regulatory approvals in several jurisdictions ahead of any listing decision.
Copper IPO: Major Crypto Custody Firm Explores Public Market Debut
Copper’s potential IPO would mark a notable step for institutional crypto infrastructure, reflecting growing interest from traditional finance in custody businesses. The company has framed its offering against a backdrop where institutional assets under custody surpassed $50 billion globally by late 2024, and where recent market activity from peers has validated investor appetite for infrastructure stocks. Observers note the firm might pursue a standard listing on the London Stock Exchange or Nasdaq as part of its route to public markets.
ClearLoop Technology and Competitive Advantages
Copper highlights its proprietary ClearLoop technology as a core differentiation in custody services, describing direct technical links to trading venues and DeFi protocols that support rapid transfers. These capabilities are presented as creating network effects that are difficult for competitors to copy, reinforcing recurring revenue opportunities from asset-based fees. The company’s customer mix includes institutional clients such as hedge funds and family offices, which typically demand robust settlement and operational guarantees.
- Instant settlement across multiple exchanges via ClearLoop.
- Direct connections to trading venues and decentralized finance protocols.
- High-margin recurring fees tied to assets under custody.
- Network effects that strengthen competitive position.
Regulatory Environment and Market Timing
The current regulatory backdrop has become more structured in several markets, with initiatives that have increased clarity for custody and trading businesses. Copper has engaged regulators as part of its preparation for a public listing and secured critical approvals in multiple jurisdictions prior to considering an IPO. These compliance steps form part of the firm’s case to institutional investors and to potential underwriting banks assessing any transaction.
Banking Giants’ Strategic Involvement
The involvement of established banks as potential underwriters underscores traditional finance’s deeper engagement with crypto infrastructure. Copper’s discussions with Goldman Sachs, Citibank and Deutsche Bank aim to leverage these institutions’ distribution networks and pricing capabilities, while also subjecting the company to rigorous due diligence processes. This dynamic reflects a wider trend of banks evaluating reputable custody firms as candidates for public markets.
Potential IPO Structure and Valuation Considerations
While specific deal terms remain confidential, industry commentary has outlined a set of plausible listing scenarios, including a single-market listing on either the London Stock Exchange or Nasdaq, and the possibility of a dual listing to reach both European and U.S. investors. Valuation estimates reported range between $1.5 and $2.5 billion based on comparable company analysis, and the choice of underwriters will shape both investor access and price discovery.
- Traditional listing on London Stock Exchange or Nasdaq is under consideration.
- Dual listing is a possible route to capture broader investor demand.
- Reported valuation range: $1.5–$2.5 billion according to comparable analysis.
Market Context
Copper’s plans come after BitGo’s recent $2 billion IPO, which has been cited as a direct precedent for custody providers going public. The custody sector competes with firms such as BitGo, Coinbase Custody and Anchorage Digital, each offering differing technical approaches to key security and settlement. For broader market perspective, developments like these intersect with forecasts and institutional narratives such as the Bitcoin 2025 forecast and corporate planning from other custodial services, for example the Coinbase Institutional forecast.
Why this matters
For most individual miners operating in Russia with anywhere from a single rig up to a modest fleet, Copper’s IPO is primarily a signal about industry maturation rather than an immediate operational change. Institutional listings and major-bank underwriting increase visibility and regulatory scrutiny for custody services, and that can affect the availability and perceived reliability of regulated infrastructure over time. At the same time, day-to-day mining operations, power costs and hardware management remain driven by local conditions rather than custody capital markets events.
What to do?
Miners in Russia should treat this news as part of the evolving infrastructure landscape and take straightforward, practical steps to protect their holdings and operations. Keep custody practices and backups robust, verify counterparty and platform security before moving significant balances, and ensure clear records for taxes and local compliance. Also monitor announcements from custody providers and exchanges for changes to product terms or service availability that could affect how you move or store mined coins.
- Maintain secure key management and off-site backups for private keys or seed phrases.
- Review any custody or exchange counterparty’s regulatory standing and insurance terms before depositing funds.
- Keep accurate transaction and income records to simplify reporting and compliance locally.
- Watch provider notices for service changes following any public offering or bank partnerships.
