Global investment banking giants such as Goldman Sachs, Citigroup, and Deutsche Bank are reportedly considering involvement in Copper’s potential IPO.
While a company spokesperson stated that "there are currently no plans for an initial public offering (IPO)," they did not deny that discussions are underway. The final decision will depend on the company’s recent revenue performance.
01 A Turning Point for the Industry
Crypto custody firm Copper is quickly becoming a focal point in the market. According to three sources familiar with the matter, the London-based company is in early-stage talks about going public.
The crypto industry is undergoing a fundamental transformation. For years, public market investors approached cryptocurrencies with caution, but 2025 marks a pivotal shift in this attitude.
Data from Pitchbook shows that in 2025, at least 11 crypto companies raised a combined $14.6 billion through IPOs, compared to just $310 million in 2024.
This remarkable growth stems from significant changes in the regulatory landscape. The Securities and Exchange Commission (SEC) has taken a more supportive stance toward crypto, enabling major players like Circle, Bullish (the parent company of CoinDesk), and Gemini to successfully enter the public markets.
02 From BitGo to Copper
Copper’s IPO plans are not happening in isolation—they follow closely on the heels of rival BitGo’s public listing. Just last week, BitGo debuted on the New York Stock Exchange at $18 per share.
BitGo’s first trading day was impressive: the stock opened at $18 and closed at $18.49, a 36% gain on the day.
BitGo’s initial market valuation was about $2 billion. However, the stock has since faced significant downward pressure. At the time of writing, shares are trading around $12.50, roughly 30% below the IPO price.
This volatility highlights the challenges crypto infrastructure companies face in public markets, even when they offer more stable and predictable business models.
03 The Rise of Infrastructure
White & Case partner Laura Katherine Mann has dubbed 2026 "the year of financial infrastructure." This trend signals a major market shift from speculative tokens to digital asset financial infrastructure.
Copper fits squarely into this new direction. The company provides institutional-grade crypto infrastructure, including custody services built on multi-party computation (MPC) technology.
Copper also offers settlement and prime brokerage services designed to reduce counterparty risk for banks and trading firms.
On the compliance front, Copper is well-prepared. In March of last year, the company appointed Tammy Weinrib as Chief Compliance Officer for the Americas and Bank Secrecy Act Officer. This move followed the appointment of Amar Kuchinad as global CEO in October 2024.
04 Why Custody Firms Are in Favor
Compared to exchanges or token issuers, custody and post-trade service providers are generally seen as more closely aligned with the traditional financial system.
This makes it easier to evaluate them using conventional risk assessment methods, which in turn helps attract mainstream investors.
Over the past year, Copper has expanded its institutional client base. Cantor Fitzgerald selected Copper as its Bitcoin custodian, working alongside Anchorage Digital.
At the same time, Copper has partnered with Coinbase to provide OTC settlement services for institutional clients.
These partnerships reflect a broader trend: traditional financial firms are increasingly relying on specialized service providers rather than building their own crypto infrastructure.
05 The Investor Perspective
For investors, crypto infrastructure companies offer a less volatile entry point into the digital asset space.
These firms deliver essential services—such as custody, clearing, and settlement—that mirror those found in traditional finance, even though the underlying assets are digital.
This business model is more familiar and predictable for public market investors, making these companies an ideal choice for institutions seeking crypto exposure without the extreme price swings of tokens.
Recent IPO performance suggests there is demand for crypto infrastructure stocks, but pricing discipline and post-listing volatility remain key risks.
06 Impact on the Crypto Market
The public listing of crypto infrastructure companies not only provides them with capital but also brings greater legitimacy and stability to the entire ecosystem.
As more companies like Copper go public, the crypto industry as a whole will become more transparent, regulated, and accessible to mainstream financial institutions.
This trend is playing out globally. Gate updates its proof of reserves monthly, and the latest data shows the platform’s total asset reserve ratio stands at 125%.
Such transparency initiatives help build trust across the industry, creating a more favorable environment for additional infrastructure companies to go public.
Looking Ahead
At the time of writing, the entire crypto market is undergoing a structural transformation. Although BitGo’s share price has fallen about 30% from its IPO level, this has not deterred other infrastructure firms from pursuing public listings.
With regulatory clarity improving and institutional adoption accelerating, crypto custody and settlement companies are moving from the sidelines of Wall Street to become key players in the mainstream financial system.
The "pipeline" companies of financial infrastructure—those providing the essential services that keep digital assets flowing—are quickly becoming Wall Street’s new favorites.
