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Copper weighs sale talks as offers fall far short of prior asking price

Copper has received two to three offers around $200 million, well below the $500 million price Cantor Fitzgerald was marketing months earlier.

Reported · Written up by our desk · Market Structure

Copper, a London-based cryptocurrency custody firm behind the institution-focused ClearLoop trading and settlement system, is drawing potential buyers, but offers are far below its prior asking price, according to people familiar with the matter cited by CoinDesk.

One of those sources said Copper has two or three offers at around the $200 million price tag, after being marketed in May by investment bank Cantor Fitzgerald at about $500 million. CoinDesk reported that Copper did not respond to requests for comment, and Cantor Fitzgerald declined to comment.

The company was once valued at as much as $2.5 billion, but the outlet pointed to the depressed crypto market environment as a factor behind significantly lower valuations. Copper had raised more than $300 million in venture funding at a high valuation and is now facing challenges related to preferred stock, described as a hybrid equity structure that gives investors higher claims on assets and fixed dividends before common shareholders.

Copper closed its enterprise custody business in 2023 to focus on ClearLoop, which aims to enable delivery versus payment execution without bringing assets on-chain to reduce settlement risk. The firm says it has more than 1,000 active counterparties and over $50 billion in monthly notional trading volume, and it had considered an IPO earlier this year, potentially following in the footsteps of Bitgo, with which it partnered on the ClearLoop application.

Latest closeCopper $6.606 ▲0.2%

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