Copper CEO departs as Cantor Fitzgerald searches for custody buyer
Copper's CEO left four months into a sale process where Cantor Fitzgerald is marketing the company at $500 million despite offers near $200 million.
Why it matters
The leadership change at a crypto custody firm amid a wide valuation gap between the company's asking price and buyer offers signals potential challenges in the institutional custody market. The story is based on a single report and details remain unconfirmed by the company.
Key facts
Copper CEO Amar Kuchinad has departed the crypto custody company.
Reported by Crypto.News
Cantor Fitzgerald has been marketing Copper at a reported $500 million valuation.
500,000,000 USDReported by Crypto.News
Potential buyers have submitted offers near $200 million for Copper.
200,000,000 USDReported by Crypto.News
Copper began exploring a sale by at least May.
Reported by Crypto.News
Kuchinad departed less than two years after taking over from founder Dmitry Tokarev.
Reported by Crypto.News
Copper appointed Elin Cherry and Sean Bowen to senior compliance and operations roles.
Reported by Crypto.News
What happened
Copper CEO Amar Kuchinad has departed the crypto custody firm during an active sale process, according to Crypto.News. The company reportedly appointed Cantor Fitzgerald to find buyers, marketing it at a valuation of $500 million, while potential buyers have submitted offers near $200 million. Kuchinad left less than two years after taking over from founder Dmitry Tokarev. The departure comes as the firm recently appointed Elin Cherry and Sean Bowen to senior compliance and operations roles. Crypto.News reported the story citing two people familiar with the matter, noting the report did not specify a reason for his exit or name a replacement.
How the story developed
- Update
CEO Amar Kuchinad departed Copper
Kuchinad left four months into the sale process. No reason was disclosed and no replacement was named.
- First report
First report by Crypto.News
Copper CEO exits as $500 million sale search drags on
- Update
Copper began exploring a sale
The custody firm had started the process by at least May.
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | Copper CEO exits as $500 million sale search drags on | Original |
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