A potential listing would further legitimize digital asset custody as core market infrastructure rather than a niche service following BitGo’s public launch.
A potential listing would further legitimize digital asset custody as core market infrastructure rather than a niche service following BitGo’s public launch.
Digital asset custodian Copper is reportedly weighing an initial public offering (IPO) shortly after rival BitGo debuted on the New York Stock Exchange, underscoring growing institutional appetite for cryptocurrency infrastructure companies.
Citing sources close to the discussions, CoinDesk reported Thursday that Copper is exploring its public listing options, with Deutsche Bank, Goldman Sachs and Citigroup among the banks involved.
A Copper spokesperson said the company is not currently planning a public listing, but declined to comment on whether the custodian is in early-stage talks about going public.
Backed by Barclays, Copper provides institutional-grade custody, settlement and collateral management services designed to help financial institutions store and move digital assets while reducing counterparty risk.
As Cointelegraph reported last year, Cantor Fitzgerald selected Copper as a Bitcoin (BTC) custodian alongside Anchorage Digital. Copper also partnered with Coinbase to facilitate off-exchange settlement for institutional clients.
Institutional interest in digital assets has continued to rise amid shifting US regulation. A second crypto custodian moving toward public markets would further reinforce the sector’s role as financial market infrastructure, comparable to traditional clearinghouses and custodial banks.
Related: Crypto’s bank-like turn puts JPMorgan on edge
BitGo debuted in US markets last week, pricing its initial public offering at $18 per share after raising more than $200 million in gross proceeds from the sale of 11.8 million Class A common shares.
As with several recent crypto-focused IPOs, BitGo shares rose sharply in early trading before retreating. The stock has since fallen below its IPO price and is now trading at a market capitalization of about $1.4 billion.
The pullback highlights the volatility facing newly listed digital asset companies, even as public market interest in the sector continues to build.
Nevertheless, BitGo’s listing underscores crypto’s growing foothold in traditional capital markets.
Over the past year, several digital asset companies have gone public, including stablecoin issuer Circle, crypto exchange Gemini, digital asset exchange operator Bullish and Figure Technologies, a financial technology company that uses blockchain infrastructure to support lending.
Other crypto companies are also reported to be weighing potential public listings, including crypto exchange Kraken and hardware wallet provider Ledger.
Related: ‘Mixed year for IPOs’ as crypto pulls down US IPO performance
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