Crypto escrow firm Copper is in early talks about a public listing, according to three people with knowledge of the matter.
Goldman Sachs, Citi and Deutsche Bank are among the investment banks potentially involved, according to a source.
The decision to pursue an IPO will depend on the company’s near-term revenue performance, said another person, who spoke on condition of anonymity because the matter is private.
“As standard practice, Copper regularly evaluates a number of potential financing options to support the business and our customers, but we are not planning an IPO,” a Copper spokesman said in emailed comments.
However, the spokesman declined to comment on whether the company is currently in early talks about a potential IPO.
Goldman Sachs, Citi and Deutsche Bank did not respond to requests for comment by the time of publication.
From trenches to IPO
Joining the growing wave of digital asset firms eyeing public markets, Copper has become the latest crypto-native player to weigh an IPO. The move follows a high-profile debut by rival escrow provider BitGo ( BTGO ), which listed on the New York Stock Exchange last week at $18 a share.
BitGo’s offering achieved an initial market capitalization of approximately $2 billion, setting a new benchmark for the firms that provide plumbing or infrastructure to the financial industry. In its first day of trading, the stock rose 36% before closing the session at $18.49. Since the initial rise, the stock has faced significant downward pressure. Shares were trading around $12.50 at the time of publication, down about 30% from the IPO.
After years on the sidelines, the cryptocurrency industry finally broke through the 2025 IPO ceiling, transforming from a speculative frontier into a mainstay of public markets.
Driven by an increase in regulatory clarity and a pro-crypto stance from the Securities and Exchange Commission (SEC), major firms including Circle (CRCL), CoinDesk’s owner Bullish (BLSH) and Gemini (GEMI) successfully debuted on the public market. According to Pitchbook data, at least 11 crypto IPOs raised a combined $14.6 billion in 2025, a massive jump from the mere $310 million raised in 2024.
While the year was defined by the arrival of these blockbuster listings, performance remained a tale of two markets. Institutional-grade infrastructure plays saw shares rise as much as 200% on their opening days, while others, such as the Winklevoss-led Gemini, struggled under the weight of post-debut volatility, ending the year significantly below their offering prices.
If 2025 was dominated by listings tied to digital asset treasuries (DATs), 2026 is shaping up to be a financial infrastructure year, White & Case partner Laura Katherine Mann told CoinDesk in an interview. She expects the next wave of IPO candidates to emphasize compliance maturity, recurring revenue and operational resilience, attributes more familiar to public market investors.
Copper fits that profile. The company provides institutional-grade crypto infrastructure, including custody based on multi-party computation (MPC) technology, as well as settlement and prime brokerage services designed to reduce counterparty risk for banks and trading firms.
The custodian named Tammy Weinrib as Chief Compliance Officer and Bank Secrecy Act officer for the Americas last March as part of its expansion in the region. Her appointment followed Amar Kuchinad’s appointment as global CEO in October 2024.
Read more: Copper hires Tammy Weinrib as Chief Compliance Officer for the Americas as it expands in the US
