Crypto Custodian Copper Weighs IPO later than BitGo’s NYSE Debut
Why Is Copper Considering a Public Listing?
Digital asset custodian Copper is exploring potential public listing options, according to a CoinDesk report citing sources close to the discussions. The move comes shortly later than rival custodian BitGo made its debut on the New York Stock platform, highlighting growing investor interest in firms that provide infrastructure rather than trading exposure to cryptocurrencies.
People familiar with the talks told CoinDesk that Copper has held discussions involving several major banks, including Deutsche Bank, Goldman Sachs, and Citigroup. While no formal decision has been announced, the involvement of large financial institutions points to ahead-stage planning rather than a near-term transaction.
A Copper spokesperson said the company is not currently planning a public listing, but declined to comment on whether discussions about going public are underway. That response leaves open the possibility that internal and external reviews are still ongoing as market conditions and regulatory clarity continue to develop.
Investor Takeaway
How Copper Fits Into Institutional Crypto Infrastructure
Backed by Barclays, Copper provides custody, settlement, and collateral management services aimed at institutional clients. Its platform is built to support secure storage and movement of digital assets while managing counterparty exposure, a core requirement for banks, funds, and trading firms operating at scale.
The firm has expanded its institutional footprint over the past year. Cantor Fitzgerald selected Copper as a BTC custodian alongside Anchorage Digital, while Copper has also partnered with Coinbase to support off-platform settlement for institutional clients. These relationships reflect a broader trend in which traditional financial firms rely on specialized service providers rather than building crypto infrastructure internally.
Custody has become one of the most critical components of . Unlike retail platforms, institutional players face stricter internal controls, regulatory expectations, and risk frameworks. Firms such as Copper position themselves as neutral infrastructure providers that sit behind trading activity, handling asset securety and post-trade processes.
What BitGo’s IPO Says About Market Appetite
Copper’s reported IPO exploration follows BitGo’s public market debut in the United States last week. BitGo priced its offering at $18 per share, raising more than $200 million through the sale of 11.8 million Class A common shares. ahead trading saw strong demand, though shares later pulled back below the IPO price.
BitGo now trades at a market capitalization of roughly $1.4 billion, illustrating both investor appetite and the volatility facing newly . The initial surge and subsequent decline reflect a pattern viewn in other crypto-related IPOs, where enthusiasm around sector exposure meets caution around earnings visibility and regulatory risk.
Despite the pullback, BitGo’s listing reinforced the idea that can access public capital markets, even as valuations remain sensitive to broader market conditions. For private firms like Copper, BitGo’s experience offers a reference point rather than a blueprint.
Investor Takeaway
Why Custodians Are Drawing More Attention Than platforms
has grown as US regulatory conditions continue to change. Custodians and post-trade service providers are often viewed as closer to traditional financial plumbing than platforms or token issuers, making them easier to assess through a conventional risk lens.
A second major custodian considering public markets would further support the view that crypto infrastructure is becoming embedded in mainstream financial systems. Custody, clearing, and settlement are familiar business models for public investors, even when the underlying assets are digital.
Over the past year, several crypto-related firms have gone public, including stablecoin issuer Circle, platform Gemini, digital asset platform operator Bullish, and blockchain-focused fintech firm Figure Technologies. Reports have also pointed to potential listings by companies such as Kraken and hardware wallet provider Ledger.
For Copper, any move toward an IPO would likely hinge on market timing, regulatory clarity, and the performance of peers already trading publicly. While no listing has been confirmed, the reported discussions suggest crypto custody is increasingly viewed as a standalone business worthy of public market scrutiny.
What Comes Next
For now, Copper remains privately held and has not announced a formal listing plan. If talks progress, the firm would join a growing list of weighing access to public capital as institutional demand continues to build.
Whether through an IPO or continued private funding, the attention on custodians reflects a broader shift in how investors approach the digital asset sector: less focus on speculative trading platforms, and more interest in the systems that support settlement, risk control, and asset securety behind the scenes.
