Copper CEO Departs Amid Ongoing Sale Process

Copper's CEO Amar Kuchinad has left the company four months into its $500 million sale process. The crypto custody firm was valued at this price despite receiving offers near $200 million.

Kuchinad departed from Copper less than two years after taking over as CEO, replacing founder Dmitry Tokarev in October 2024. He had a background in Goldman Sachs and previously served as an adviser to the US Securities and Exchange Commission.

The company's valuation has fallen significantly since its peak of around $2.5 billion during funding discussions in 2021. Copper was seeking a buyer through financial services firm Cantor Fitzgerald, but potential buyers have submitted bids near $200 million, which is $300 million below the asking price.