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Copper draws $200M takeover offers
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Copper draws $200M takeover offers

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  • Copper has received two or three offers worth about $200 million, according to a source familiar with the matter.
  • The offers are well below the roughly $500 million price sought by Cantor Fitzgerald in May.
  • Copper was once valued at as much as $2.5 billion during the 2021 crypto bull market.

Copper, a crypto custody firm, has received two or three offers worth about $200 million, according to a source familiar with the matter.

The offers are about 60% below the roughly $500 million valuation Cantor Fitzgerald was seeking for Copper in May.

Copper did not respond to CoinDesk's request for comment, while Cantor Fitzgerald declined to comment.

Copper previously raised more than $300 million from investors at a high valuation, but preferred stock now creates challenges, according to a source familiar with the matter.

Copper is privately held, so there was no public share price to report after the takeover offers emerged.

The London-based company closed its enterprise custody business in 2023 and shifted its focus to ClearLoop, its institutional settlement system.

Copper says ClearLoop has more than 1,000 active counterparties and over $50 billion in monthly notional trading volume, while the company reportedly considered an IPO earlier this year.

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