Copper Weighs IPO Talks as Crypto Infrastructure Firms Regain Public Market Interest

Copper’s IPO outlook reflects investor demand for compliant crypto infrastructure with stable revenue and lower operational risk.

Crypto custody firm Copper is weighing whether to pursue a public listing as activity in digital asset IPOs picks up again. As per sources familiar with the topic, decisions regarding a Wall Street debut will depend on revenue performance.

BitGo Listing Sets Reference Point for Custody Firms Like Copper

According to chatters from familiar sources, Copper has held preliminary talks with banks about a possible IPO. A party close to the development clarified that the process is still in its infant stages, with a potential deal depending on business outcomes. 

“As standard practice, Copper regularly assesses a range of potential financing options to support the business and our clients, but we are not planning an IPO,” a Copper spokesperson said in comments emailed to CoinDesk.

Interest in a Copper listing follows the recent market debut of rival custody firm BitGo, which listed on the New York Stock Exchange recently. Shares were priced at $18, giving BitGo a valuation near $2 billion. The stock rose 36% on its first trading day before closing at $18.49. Since then, shares have fallen to about $12.50, down roughly 30% from the IPO price.

Even though the firm has struggled post-listing, the Wall Street entry further cemented the crypto industry’s return to public markets. Crypto IPOs accelerated with Donald Trump’s return as the President of the United States. And this path was eased by pro-crypto regulations introduced by the Trump administration.

Major crypto companies entered public markets last year, including Circle, Bullish, and Gemini. According to data from PitchBook, at least 11 crypto IPOs raised $14.6 billion in 2025. In comparison, offerings the year before raised only $310 million.

Market performance has varied across listings. For example, infrastructure-focused firms often saw strong gains during their first days on the public markets. Meanwhile, consumer-facing platforms struggled after going public. Winklevoss twins-backed Gemini ended the year well below its offer price.

Crypto Investors Raise Bar on Compliance and Operational Oversight

Several trends now shape investor focus in the current cycle:

• Shift toward financial infrastructure over token-linked business models.
• Strong emphasis on compliance systems and governance.
• Preference for steady, recurring revenue.
• Closer scrutiny of operational controls and risk management.

Those factors align with Copper’s business. The firm provides crypto custody using multi-party computation, along with settlement and prime brokerage services. Clients include banks and trading firms seeking to reduce counterparty exposure.

According to Laura Katherine Mann, a partner at White & Case, 2026 is likely to favor companies with mature compliance and predictable income. She said firms offering core financial services may find stronger demand from public investors.

Copper has taken steps to strengthen its leadership team. Amar Kuchinad was appointed global chief executive in October 2024. And in March, Tammy Weinrib joined as chief compliance officer and Bank Secrecy Act officer for the Americas.

Although the firm is yet to confirm listing plans, the recent development reinforces the current trend of crypto-focused firms going public. And given Copper’s crypto profile, public market investors are keeping tabs on events as they unfold.

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