Amar Kuchinad has stepped down from his role as CEO of digital asset custody provider Copper. His departure comes as the company’s four-month sale process has yet to yield a final deal. Kuchinad’s exit occurred without an official statement regarding the exact reason or effective date of his resignation. Company management has also not named a successor, either in an interim or permanent capacity.
Kuchinad had led Copper since October 2024 after being appointed to succeed the company’s founder, Dmitry Tokarev. Under his leadership, Copper tapped Cantor Fitzgerald as a financial advisor to explore a sale. The sale process has been underway since at least May 2026, when Cantor Fitzgerald’s involvement was first publicly disclosed. The advisor’s primary task was to target potential suitors at a sought-after valuation of $500 million.
However, offers submitted by prospective buyers have so far hovered around just $200 million. That leaves a $300 million shortfall below the company’s asking price.
Assessing a 90 Percent Valuation Drop
The $300 million price gap reflects shrinking valuations across the crypto sector. The initial $500 million target was already a steep discount from the company’s peak valuation during the previous crypto bull cycle. While initial reports did not specify the exact peak figure, the $200 million bids are estimated to represent a roughly 90 percent drop from its all-time high valuation.
The valuation gap marks a critical juncture for the firm, which was founded in 2018. Copper has catered to the institutional market by offering digital asset custody, collateral management, and settlement services. Its core offering is ClearLoop, a network that allows institutional clients to settle trades across multiple exchanges without transferring assets off-platform. This flagship product serves major clients including Coinbase, Kraken, and Bitfinex.
When Traditional Banks Enter the Fray
The sluggish pace of negotiations comes alongside intensifying competition in the crypto custody market. A space once dominated exclusively by crypto-native players is increasingly being encroached upon by traditional banks. Legacy financial institutions such as BNY Mellon and State Street have firmly entered the race for institutional digital asset custody services.
Traditional banks’ aggressive moves were evident in May 2026, the same month Cantor Fitzgerald began advising Copper on its sale. At the time, banking giant Standard Chartered expanded by acquiring the custody operations of Zodia Custody. Amid rising competition and buyout offers falling far below expectations, no sale agreement for Copper has been announced to date.
Reported via crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
