Wall Street turns to crypto infrastructure as copper ipo talks follow BitGo’s $2 billion debut

As investors refocus on digital asset infrastructure, market attention is shifting toward a possible copper ipo amid growing appetite for listed crypto businesses.

Copper explores public listing as banks circle

Copper, a London-based crypto custody firm, is in early discussions over a potential public listing, according to three people with direct knowledge of the situation. However, the talks remain preliminary and hinge heavily on the company’s short-term revenue trajectory, one source said, requesting anonymity because the matter is private.

Global investment banks including Goldman Sachs, Citi and Deutsche Bank are among those potentially involved in the process, another person familiar with the discussions said. That said, no final mandates have been awarded and no timetable for a deal has been agreed, underscoring how early the conversations are.

A Copper spokesperson downplayed the prospect of an imminent flotation, emphasizing that the firm routinely reviews funding options. “As standard practice, Copper regularly assesses a range of potential financing options to support the business and our clients, but we are not planning an IPO,” the spokesperson said in emailed comments. Moreover, they declined to say whether Copper is currently engaged in early talks on any listing.

BitGo’s $2 billion listing reshapes the crypto ipo market

The potential listing would come hard on the heels of rival BitGo, whose custody provider business went public last week in a milestone deal for digital asset infrastructure. BitGo listed on the New York Stock Exchange at $18 per share, securing an initial market valuation of approximately $2 billion.

On its first day of trading, BitGo’s stock surged 36% before closing the session at $18.49. However, that early spike later faded. At the time of publication, BitGo shares were trading around $12.50, roughly 30% below the IPO price, illustrating the volatility that still shadows crypto-related equities.

The BitGo deal has been widely interpreted as a signal that investor demand is rotating away from speculative tokens toward the underlying financial “plumbing” that supports the digital asset ecosystem. In that context, a copper ipo would reinforce the perception that institutional infrastructure is becoming a new Wall Street favorite.

Public markets open to digital asset firms

After years of hesitation, the broader cryptocurrency sector finally broke through the initial public offering barrier in 2025. The industry shifted from a speculative fringe narrative to a more established presence in public markets, backed by increasing regulatory clarity and a notably more pro-crypto stance from the Securities and Exchange Commission.

Major players including Circle, Bullish and Gemini completed public listings during 2025, helping to define a new template for digital asset firms seeking equity capital. According to Pitchbook data, at least 11 crypto IPOs raised a combined $14.6 billion in 2025, a dramatic jump from just $310 million raised in 2024. However, post-listing performance has diverged sharply.

Institutional-grade infrastructure and exchange operators saw shares climb as much as 200% on their opening days, reflecting strong appetite for more mature business models. Others, such as Gemini, struggled with post-debut volatility and ended the year trading significantly below their offer prices. That said, the pipeline of potential transactions remains active as issuers and investors digest the first cohort of crypto floats.

What investors want from the next wave of crypto listings

Laura Katherine Mann, a partner at law firm White & Case, said she expects the next generation of crypto IPO candidates to look different from the early pioneers. Moreover, she argued that investors are now prioritizing clearly defined compliance frameworks, recurring revenue streams and robust operational risk controls.

Those themes align closely with what traditional public-market investors already know from financial services, Mann noted. However, she added that companies must still show they can navigate a rapidly evolving regulatory environment, particularly in the United States and Europe, while scaling profitably.

In practice, that means crypto issuers seeking to tap equity markets need to present themselves less as speculative growth stories and more as infrastructural businesses. That said, the ability to demonstrate resilience through market cycles, not just bull runs, is emerging as a key differentiator.

Copper’s institutional crypto infrastructure play

Copper largely fits the profile described by Mann, positioning itself as an institutional crypto infrastructure provider rather than a trading venue or token issuer. The firm offers custody built on multi party computation (MPC) technology, together with settlement and prime brokerage services designed to reduce counterparty risk for banks and trading firms.

Its technology aims to let institutional clients move and safeguard assets without exposing private keys in a single location, a recurring concern after past exchange failures and hacks. Moreover, Copper’s settlement tools are designed to allow participants to trade across venues while minimizing pre-funding requirements and credit exposure.

The company has also invested heavily in governance and compliance functions as it targets more conservative institutions. In March 2024, Copper appointed Tammy Weinrib as chief compliance officer and Bank Secrecy Act officer for the Americas, reflecting growing engagement with U.S. regulatory expectations.

That appointment followed a leadership transition in October 2024, when Amar Kuchinad became global CEO. However, Copper has kept its financials private, making it difficult for outsiders to assess valuation or profitability ahead of any prospective flotation. Market participants therefore see an eventual listing as a key test of investor appetite for specialized digital asset infrastructure plays.

Whether Copper ultimately proceeds with a listing or not, the discussions highlight how crypto’s center of gravity on public markets has shifted from token speculation to core infrastructure. Moreover, the outcome of any future deal would offer another reference point for how investors price risk in regulated, institutional-facing digital asset businesses.