Copper Seeks Sale Valued at $500 Million Amid Shift in Crypto Market

Crypto custody firm Copper is reportedly pursuing a sale valued at about $500 million, according to sources cited by Coindesk. The sale is being advised by Wall Street investment bank Cantor Fitzgerald.

The sale marks the latest development in Copper's strategic shift after it exited its corporate custody business in 2023 and focused on its ClearLoop settlement system. ClearLoop removes settlement risk by allowing network participants to conduct delivery-versus-payment trades while keeping assets in custody and off-chain.

Copper's decision to explore a sale may be influenced by the current state of the crypto market, which has seen stagnant investment capital. This is particularly evident in the lackluster performance of the crypto IPO market this year, where most investment capital has been absorbed by AI-related ventures.