Copper's Value Halved Twice: Once valued at $2.5 billion, the company now receives offers only up to $200 million

BlockBeats News, August 25th, Cryptocurrency asset custody company Copper is currently attracting potential buyers, but the offers are significantly below its previous sale price of around $500 million. Insiders revealed that there are currently two to three offers on the table, with prices around $200 million.

Copper, headquartered in London and operating a Swiss entity, runs the ClearLoop trading system mainly for institutional clients. The company had reached a peak valuation of around $2.5 billion during the 2021 bull market and had raised over $300 million. In May of this year, Cantor Fitzgerald had sought buyers for Copper at a price of around $500 million.

Insiders noted that the preferred stock structure resulting from Copper's previous high valuation funding presented a challenge to the transaction. Preferred stockholders typically have priority rights over common stockholders in terms of asset distribution and returns.

In 2023, Copper shut down its enterprise custody business to focus on ClearLoop. According to the company's website, ClearLoop currently has over 1,000 active counterparties, with a monthly nominal trading volume exceeding $50 billion. Earlier this year, Copper was also rumored to be considering an IPO.