Copper, the London‑based firm that offers institutional‑grade custody and settlement services for digital assets, announced that its chief executive, Amar Kuchinad, will be leaving the company after a little more than two years at the helm. The decision comes at a pivotal moment for the business, which has been actively exploring strategic options, including a potential sale, for the past four months.
Two insiders with direct knowledge of the matter confirmed the departure, noting that Kuchinad’s exit is part of a broader transition plan that the board is managing in parallel with the ongoing buyer search. Kuchinad joined Copper in early 2024, bringing with him a background in fintech and a reputation for scaling technology‑driven financial services. During his tenure, he oversaw the rollout of several key product upgrades, expanded the firm’s client base across Europe, North America and Asia‑Pacific, and deepened partnerships with major crypto exchanges and institutional investors.
Under his leadership, Copper reported a steady increase in assets under custody, reaching a multi‑billion‑dollar threshold that positioned the company among the top tier of crypto‑custody providers. Despite these operational successes, the broader market environment has been challenging.
Volatility in cryptocurrency prices, heightened regulatory scrutiny, and a tightening of capital in the digital‑asset sector have prompted many firms to reassess their strategic direction. In Copper’s case, the board initiated a confidential process to evaluate whether a sale, merger, or other partnership could unlock greater value for shareholders and provide the resources needed to accelerate product development and geographic expansion. The search for a buyer entered its fourth month in May, with a shortlist of potential acquirers that includes both traditional financial institutions looking to add crypto capabilities and larger crypto‑focused platforms seeking to broaden their custody offerings. Sources familiar with the process say that discussions are at an advanced stage, but no definitive offer has yet been signed.
The board has emphasized that any transaction will need to preserve Copper’s technology stack, retain key talent, and maintain the high‑security standards that have become a hallmark of its service. Kuchinad’s departure is being framed as a mutually agreed transition. He will remain on the board as an advisor for a limited period to ensure continuity, particularly as the company navigates the final phases of the buyer evaluation.
The board has already appointed an interim chief executive, a senior executive who has been with Copper since its early days and is familiar with both the operational and regulatory complexities of the crypto‑custody space. This internal appointment is intended to provide stability while the board finalizes its strategic decision. Industry analysts view the leadership change as a signal that Copper is preparing for a potential change in ownership.
"When a founder‑type CEO steps down during a sale process, it often reflects a desire to bring in a leader with a different skill set—perhaps someone with more experience in integration or post‑merger operations," said Maya Patel, a senior analyst at CryptoInsights. "The interim leader’s deep institutional knowledge will help reassure clients and partners that service quality will not be disrupted, which is critical in a sector where trust is paramount." Employees have been informed of the transition through an internal memo that highlighted Kuchinad’s contributions and outlined the next steps. The company has reiterated its commitment to maintaining its culture of security, innovation, and client focus.
It also announced a series of town‑hall meetings where staff can ask questions about the buyer search, the leadership change, and any potential impact on day‑to‑day operations. Clients have received separate communications reassuring them that all custodial agreements remain in force and that any change of control will be subject to rigorous regulatory review. Copper’s compliance team has been working closely with legal advisors to ensure that any prospective acquisition complies with the UK Financial Conduct Authority’s requirements, as well as the evolving regulatory frameworks in the United States, the European Union, and other jurisdictions where the firm operates.
Looking ahead, Copper’s board expects to reach a decision on the sale or partnership by the end of the third quarter. If a buyer is secured, the transition plan will include integration timelines, technology migration strategies, and a roadmap for preserving the firm’s core security protocols. Should the sale not materialize, the board has indicated it will explore alternative capital‑raising options, such as a private‑placement round or strategic investment from existing shareholders, to fund further product development and market expansion.
In summary, Amar Kuchinad’s exit marks a significant moment for Copper as it balances operational growth with strategic realignment. While the search for a buyer continues into its fourth month, the company is taking deliberate steps to ensure leadership continuity, client confidence, and regulatory compliance. The interim executive’s appointment and Kuchinad’s advisory role aim to smooth the transition, positioning Copper to either integrate seamlessly with a new owner or to pursue an independent growth trajectory backed by fresh capital. The next few months will be critical in determining which path the firm ultimately follows, and stakeholders across the crypto‑custody ecosystem will be watching closely for updates.