Amar Kuchinad, the chief executive officer who has been at the helm of Copper, a leading cryptocurrency custody and settlement platform, announced his departure after serving in the role for roughly two years. The decision comes at a critical juncture for the firm, which is currently in the midst of an extensive search for a strategic buyer—a process that has now entered its fourth month.
Kuchinad’s tenure at Copper began in early 2024, when the company was seeking to solidify its position in the rapidly evolving digital asset infrastructure market. Under his leadership, Copper expanded its suite of services beyond traditional custodial solutions, introducing advanced settlement tools, multi‑party computation (MPC) technology, and a suite of compliance‑focused products designed to meet the stringent regulatory demands of institutional investors. The firm also pursued a series of high‑profile partnerships with major exchanges, hedge funds, and fintech firms, aiming to broaden its reach and reinforce its reputation as a secure, reliable custodian for crypto assets. During Kuchinad’s time as CEO, Copper reported a notable increase in assets under custody (AUC), climbing from roughly $5 billion at the start of his term to over $12 billion by the end of 2025.
This growth was driven by both organic client acquisition and the onboarding of several large institutional players that were transitioning from legacy custodial services to blockchain‑based solutions. Additionally, the company launched a new “instant settlement” product that leveraged its proprietary MPC engine to enable near‑real‑time finality for token trades, a feature that attracted considerable interest from market makers and liquidity providers. Despite these achievements, Copper has faced a series of challenges that have intensified the urgency of finding a suitable buyer. The broader cryptocurrency market experienced a prolonged downturn beginning in late 2022, which pressured valuations across the sector and forced many firms to reconsider their capital structures.
Copper, while still profitable, saw its revenue growth slow and its operating margins compress as it invested heavily in research and development to stay ahead of competitors. Moreover, heightened regulatory scrutiny in key jurisdictions—particularly in the United States, the European Union, and Singapore—required the firm to allocate significant resources toward compliance, legal counsel, and audit processes.
Industry analysts have noted that the timing of the buyer search aligns with a wave of consolidation in the crypto‑infrastructure space. Larger financial institutions and technology conglomerates are increasingly looking to acquire specialized firms that can provide secure custody, settlement, and compliance capabilities without having to build these functions from scratch. Potential acquirers for Copper could include traditional custodians seeking a foothold in digital assets, fintech platforms aiming to broaden their service offering, or even sovereign wealth funds interested in gaining direct exposure to the crypto ecosystem through a trusted intermediary.
Two insiders, who requested anonymity due to the sensitive nature of the negotiations, confirmed that the search for a buyer is progressing but remains complex. They indicated that several parties have expressed preliminary interest, yet no definitive term sheet has been signed.
The insiders emphasized that any prospective transaction would need to address several critical factors: the preservation of Copper’s existing client relationships, the integration of its MPC technology into the buyer’s infrastructure, and the retention of key talent—including senior engineers and compliance officers—who are essential to maintaining the firm’s operational integrity. Kuchinad’s departure is being framed as a mutually agreed transition. According to the sources, the board of directors and Kuchinad have worked together to ensure a smooth handover to an interim leadership team that will continue to steer the company through the remainder of the sale process. The interim team is expected to focus on stabilizing day‑to‑day operations, keeping clients informed, and providing the necessary transparency to potential investors.
In a brief statement released to the press, Kuchinad expressed gratitude for the opportunity to lead Copper during a transformative period. He highlighted the company’s commitment to security, innovation, and client service, and conveyed confidence that the firm’s strong foundation would make it an attractive acquisition target.
"It has been an honor to work alongside a talented team dedicated to building the most secure and efficient custody solutions for the digital asset economy," Kuchinad said. "I am proud of the progress we have made and look forward to seeing Copper continue to thrive under new ownership." The board, meanwhile, thanked Kuchinad for his contributions and affirmed that the search for a buyer remains a top priority.
They noted that the market environment, while challenging, presents unique opportunities for strategic alignment. "Our focus is on identifying a partner who shares our vision for secure, compliant, and innovative crypto infrastructure," a board spokesperson said.
"We remain committed to delivering value to our clients and stakeholders throughout this transition." The departure of a CEO during an active sale process can introduce uncertainty, but industry observers suggest that Copper’s robust technology stack, growing client base, and proven track record in compliance position it well for a successful acquisition. Should a buyer emerge, the integration of Copper’s MPC capabilities could significantly enhance the acquirer's ability to offer secure, low‑latency settlement services—an increasingly important differentiator as institutional participation in crypto markets deepens. As the fourth month of the buyer search unfolds, stakeholders—including employees, clients, and investors—are closely watching for updates. The next few weeks are expected to bring further clarity on the shortlist of potential buyers, the valuation expectations, and the timeline for any definitive agreement.
Until then, Copper will continue to operate under its interim leadership, maintaining its service commitments while navigating the complexities of a market that remains both volatile and full of opportunity. In summary, Amar Kuchinad’s exit marks the end of a notable chapter for Copper, coinciding with a pivotal moment in the company’s evolution. The ongoing buyer search, now in its fourth month, reflects broader trends of consolidation and strategic realignment within the crypto‑infrastructure sector. With a solid technological foundation, a growing asset base, and a clear focus on compliance, Copper stands poised to attract a buyer capable of leveraging its strengths to advance the broader adoption of secure digital asset services.