Copper Seeks $500 Million Buyer for ClearLoop Custody and Settlement Platform

Image Credit: Copper

Crypto custody firm Copper is seeking a buyer willing to pay approximately $500 million for the platform, according to two people familiar with the matter. Wall Street investment bank Cantor Fitzgerald has been appointed to help sell the company, the people said. Copper and Cantor Fitzgerald did not respond to requests for comment.

ClearLoop Settlement System Serves More Than 1,000 Active Counterparties and $50 Billion in Monthly Volume

The centerpiece of any potential deal is Copper’s ClearLoop settlement system, which enables network participants to conduct delivery versus payment from within custody without bringing assets onchain, thereby eliminating settlement risk. Copper closed its enterprise custody business in 2023 to focus exclusively on ClearLoop, which caters to dozens of institutional firms. 

The firm reports more than 1,000 active counterparties and over $50 billion in monthly notional trading volume on its website. Crypto custodian Bitgo, with whom Copper forged a partnership on the ClearLoop application, is among the platform’s notable counterparties.

Copper Explored IPO Option Before Appointing Cantor Fitzgerald as Sell-Side Adviser 

Copper was said to be weighing an initial public offering earlier this year, potentially pursuing a public listing similar to the one Bitgo has been planning. However, with bitcoin trading below $80,000, the crypto IPO market has been in a holding pattern in 2026. 

Copper has appointed Cantor Fitzgerald as its sell-side adviser, according to people familiar with the matter, indicating the company is pursuing a trade sale rather than a public offering. 

Copper Sale Comes Amid a Broader Wave of Crypto and Fintech Dealmaking in 2026

The potential Copper transaction is unfolding amid a broader wave of mergers and acquisitions across the crypto, traditional finance, and fintech sectors. Earlier this year, Mastercard agreed to buy U.K.-based stablecoin infrastructure firm BVNK for as much as $1.8 billion. Kraken’s parent company, Payward, agreed to acquire derivatives platform Bitnomial, while Bullish, owner of CoinDesk, announced a $4.2 billion deal to buy Equiniti, aimed at combining transfer agency services with tokenization infrastructure. 

This week, London-based Standard Chartered said it will buy the remaining shares of Zodia Custody, its cryptocurrency custodian subsidiary, that it does not already own. That deal came weeks after the bank’s venture capital division reportedly took a stake in crypto trading firm GSR at a valuation of more than $1 billion.