Copper in Midst of $196M Funding Round

The crypto custody firm had originally sought a Series C raise at a $3 billion valuation before the market downturn, according to Bloomberg

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Copper closed a $50 million funding round co-led by Dawn Capital and Target Global in May 2021
  • The firm hired former Bank of America Merrill Lynch pros in April to build out its prime infrastructure offerings

Crypto custodian Copper has raised $196 million as part of an ongoing Series C venture round, the latest instance of dollars flowing to digital asset startups despite the bear market. 

The firm raised $181 million from new and existing shareholders as of June, as well as a convertible loan note of $15 million, Bloomberg reported Wednesday. A company spokesperson confirmed the fundraise to Blockworks. 

The Copper representative declined to comment on when and at what amount the company is targeting to end the round, as well as the ensuing valuation.

Founded in 2018, Copper provides custody, prime brokerage and settlement services to institutional investors. The fresh funding comes as the firm has hired a number of traditional finance veterans this year. 

The company brought aboard ex-Citi executive Sabrina Wilson as chief operating officer in March and hired five former Bank of America Merrill Lynch employees the following month to lead the expansion of its prime brokerage.

Copper more recently tapped Tim Neill, a former Mastercard executive, as chief risk officer. Having previously worked at Deutsche Bank, Standard Chartered Bank and the London Stock Exchange Group, Neill told Blockworks earlier this month that he planned to port his banking background to building out and refining DeFi-oriented products. 

Copper closed a $10 million Series A round in 2020, followed by a $50 million Series B in May of last year. The latter fundraise was co-led by Dawn Capital and Target Global.

Bloomberg reported last November that Copper was in talks with investors for a roughly $500 million funding round that would have valued the company at roughly $3 billion. Crypto markets have since sunk, with bitcoin and ether prices down more than 70% from their November all-time highs.

The European bank Barclays bought into Copper’s latest raise at a $2 billion valuation, Sky News reported in July.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

We’re bullish on the PUMP token. We believe Pump.fun's brand strength, existing integrations, product roadmap, and strategic levers justify PUMP's TGE valuation, and expect the token to re-rate meaningfully higher in the months ahead.

article-image

Trade isn’t war and prosperity isn’t a contest

article-image

Data shows frontrunning has declined on the network compared to last year

article-image

Industry watchers weigh in on what’s coming for bitcoin, M&A and tokenization before the year wraps

article-image

“We are open 24/7/365, but good luck getting an employee to pick up.”

article-image

BitVM3’s “garbled circuit” approach faces critical security and scaling research before it will be practical

article-image

Big blockers wasted a bitcoin fortune trying to prove a point