Copper CEO Amar Kuchinad departs as search for a buyer enters a fourth month
Copper CEO Amar Kuchinad has departed the company as it continues a four-month search for a buyer. The firm, once valued at over $2 billion, is reportedly fielding acquisition offers significantly lower than its peak valuation.
Why it matters
The leadership change and ongoing sale process reflect the broader volatility and valuation adjustments currently impacting the crypto-infrastructure sector.
Copper, whose Clearloop in-custody settlement system has signed clients including Coinbase COIN $ 181.75 , Bitfinex and Kraken, has been trying to find a buyer since at least May.
Financial firm Cantor Fitzgerald was appointed to help facilitate the sale, marketing the company at $500 million. CoinDesk last month reported the firm, which was valued in excess of $2 billion at its height, was fielding offers around the $200 million mark.
Copper recently welcomed two new additions to its leadership team: Elin Cherry as chief compliance officer, and Sean Bowen as chief operating officer.
Kuchinad joined Copper as CEO in October 2024, following the departure of the firm’s founder and CEO Dmitry Tokarev. Kuchinad has worked for Goldman Sachs and also held an advisory role with the U.S. Securities and Exchange Commission (SEC).
Neither Copper nor Kuchinad responded to requests for comment by publication time.
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