Copper.co, the London-headquartered digital asset custody firm, is navigating a leadership transition as its sale process extends into its fourth month. CEO Amar Kuchinad has departed the company, which launched its formal sale process in May 2026 with investment bank Cantor Fitzgerald. The initial asking price was $500 million, itself a significant reduction from Copper's $2.5 billion valuation at its funding peak.
Current buyer interest has converged around $200 million, according to reports. This figure represents a 92% decline from the company's highest valuation and falls below the approximately $286 million the company has raised across multiple funding rounds, meaning such a transaction would result in collective investor losses.
Kuchinad assumed the CEO role in October 2024, succeeding founder Dmitry Tokarev, who remains a key shareholder. The company has pursued expansion of its institutional services and regulatory presence, including securing a Trusted Custodian Services Provider license in Hong Kong.
Financial Position
Copper's most recent public financials reveal a pattern common among crypto infrastructure startups. In 2023, the company generated $20.6 million in revenue while recording $61 million in losses. At that time, it maintained $109 million in cash reserves from its total lifetime funding.
Founded by Tokarev in 2018, Copper built its institutional reputation around custody services and its ClearLoop settlement system, which enables clients to trade on exchanges while maintaining assets on the custodian's platform rather than moving funds to individual exchanges.
Market Context
The custody landscape has shifted considerably since Copper's founding. Competitors including Fireblocks, BitGo, and Anchorage Digital have established institutional custody positions. Traditional financial institutions including BNY Mellon and State Street have entered or expanded crypto custody offerings.
With leadership vacant and valuations well below initial asking prices, Copper's board faces a decision between accepting a transaction that crystallizes significant investor losses or maintaining current terms while drawing down remaining cash reserves.
