Copper, a London-based digital asset custody firm, is facing a leadership crisis as CEO Amar Kuchinad has departed. The company is currently in its fourth month of searching for a buyer, with offers now clustering around $200 million.
The sale process began in May 2026 with the help of investment bank Cantor Fitzgerald. While the initial target valuation was $500 million, this was already a significant drop from the company's peak valuation of $2.5 billion.
Copper has raised approximately $286 million in total funding. A sale at $200 million would result in collective losses for the investors. The company's 2023 financials showed $20.6 million in revenue and losses of $61 million, with $109 million in cash reserves.
Founded in 2018 by Dmitry Tokarev, the firm developed the ClearLoop settlement system for institutional trading. It also secured a Trusted Custodian Services Provider license in Hong Kong to expand its regulatory footprint in Asian markets.