Crypto Custody Firm Copper in Early Talks for IPO as Crypto 'Plumbing' Becomes New Wall Street Favorite

Why It Matters

Copper’s potential IPO underscores the maturation of crypto‑infrastructure and signals growing institutional confidence in regulated digital‑asset services. A successful float could attract more capital to the sector and accelerate integration with traditional finance.

Key Takeaways

• Copper explores IPO with Goldman, Citi, Deutsche Bank.
• Decision hinges on near‑term revenue performance.
• BitGo IPO valued ~ $2 billion, set market benchmark.
• 2025 saw 11 crypto IPOs raising $14.6 billion.
• Infrastructure firms expected to emphasize compliance, recurring revenue.

Pulse Analysis

The cryptocurrency sector has moved from fringe speculation to a mainstream financing engine, as evidenced by a surge of public listings in 2025. After the SEC’s clearer guidance and a pro‑crypto stance, firms such as BitGo, Circle, Bullish and Gemini successfully floated on U.S. exchanges, collectively raising $14.6 billion across eleven IPOs. BitGo’s debut on the NYSE at $18 per share, which briefly peaked at a 36 % premium, established a $2 billion market cap benchmark for digital‑asset custodians and other infrastructure providers.

Copper, a London‑based custodian, is now weighing a similar public offering. The firm has engaged top‑tier banks—including Goldman Sachs, Citi and Deutsche Bank—to explore financing structures, although a final decision will depend on its near‑term revenue trajectory. Copper’s product suite leverages multi‑party computation for secure custody and adds settlement and prime‑brokerage services that lower counterparty risk for banks and trading houses. Recent leadership moves, such as appointing Amar Kuchinad as global CEO and Tammy Weinrib as chief compliance officer for the Americas, signal a push toward the compliance maturity and recurring‑revenue models that investors favor in infrastructure IPOs.

If Copper proceeds, its IPO would reinforce the broader narrative that crypto‑related infrastructure is becoming a staple of Wall Street capital markets. Analysts expect the next wave of listings to prioritize operational resilience, regulatory compliance and predictable cash flows—attributes that align with traditional financial services investors. Successful execution could also deepen the liquidity pipeline for institutional crypto exposure, encouraging banks to integrate digital‑asset services into their core offerings and further legitimizing the sector’s long‑term growth prospects.