Crypto custodian Copper in early IPO talks with Goldman, Citi and Deutsche Bank

Published: 2026-01-29 16:24:22 |

London-based crypto custodian Copper is in early talks about a potential IPO, with sources saying Goldman Sachs, Citi and Deutsche Bank are being considered as advisers. Copper has not announced a definitive plan and says it currently has no planned IPO; any decision will depend on near-term revenue performance. The move comes after rival BitGo’s recent $2bn NYSE debut, which set a valuation benchmark for custody and infrastructure firms but has seen its stock fall since listing. Copper offers MPC-based custody, settlement and prime-brokerage services, and has recently strengthened U.S. compliance and leadership hires. Growing market interest in crypto infrastructure IPOs, driven by clearer regulation and investor focus on recurring revenue and compliance, is prompting custodians to weigh public listings. For traders: a Copper IPO would further spotlight institutional crypto “plumbing,” potentially affecting investor appetite for custody and infrastructure names and informing sector valuations.

Neutral

A Copper IPO is unlikely to move crypto token prices directly because Copper is a custody/infrastructure provider rather than a cryptocurrency issuer. The most direct market impact would be on equities and investor sentiment toward custody and infrastructure stocks: a successful IPO could boost investor appetite for similar listings and lift valuations in the sector, while a weak debut (as seen in BitGo’s post-IPO decline) could dampen enthusiasm. Short-term: traders may see sector rotation into or out of custody/infrastructure equities and related crypto-adjacent financial instruments. Long-term: a credible public listing would signal institutionalization of crypto infrastructure, supporting continued growth in institutional flows and productization, which indirectly benefits major tokens through improved market infrastructure and custody availability. Overall, price impact on cryptocurrencies themselves should be limited and indirect, hence a neutral categorization.