Copper Crypto Custody Firm Seeks Buyers at Fractional Price

Crypto custody firm Copper is attracting interest from potential buyers, but at a price significantly lower than its initial asking price of $500 million. According to sources, two or three offers have been made at around $200 million.

This comes after Copper's valuation was slashed during the recent bear market, and it's not surprising that crypto companies are trading at much lower valuations now compared to 2021 when Copper was valued at as much as $2.5 billion.

Copper has faced challenges related to preferred stock, which gives investors a higher claim on company assets and fixed dividends before common stockholders are paid.