Copper CEO Steps Down as Crypto Custody Firm Continues Sale Search

Amar Kuchinad, CEO of crypto custody firm Copper, has departed the company as its search for a buyer stretches into a fourth month, according to people familiar with the situation. Copper has been working with Cantor Fitzgerald since at least May to find a buyer, initially marketing the firm at a $500 million valuation.

Sale Price Falls Well Below Peak Valuation

Recent reports indicated Copper has been fielding offers closer to $200 million, a steep drop from the more than $2 billion valuation the firm reached at its height. The company’s Clearloop settlement system has attracted major clients including Coinbase, Bitfinex and Kraken.

New Leadership Additions Follow CEO Departure

Copper recently brought on a new chief compliance officer and chief operating officer as part of leadership changes. Kuchinad had joined as CEO in October 2024 following the exit of the company’s founder, bringing prior experience from Goldman Sachs and an advisory role with the US Securities and Exchange Commission. Neither Copper nor Kuchinad responded to requests for comment.