Copper CEO Amar Kuchinad has left the digital asset custody firm as its search for a buyer enters a fourth month. Cantor Fitzgerald is facilitating the sale, with Copper marketed at $500 million and potential offers reportedly near $200 million. No buyer has been publicly identified, and Copper has not announced a sale agreement, a revised asking price or a replacement for Kuchinad. Kuchinad took over in October 2024 after founder Dmitry Tokarev left the CEO role. Copper recently appointed Elin Cherry as chief compliance officer and Sean Bowen as chief operating officer. Founded in 2018, the company provides institutional custody, collateral management and settlement services, including through ClearLoop, which allows clients to settle trades on participating exchanges while keeping assets in custody. Coinbase, Bitfinex and Kraken are among its listed clients. Copper sought as much as $500 million at a valuation of about $2.5 billion in 2021, compared with its current reported asking price. The company has raised approximately $286 million, reported $20.6 million in 2023 revenue, a $61 million loss and $109 million in cash reserves, and holds a Trusted Custodian Services Provider license in Hong Kong. Its sale process comes as banks and regulated digital-asset firms expand in custody, increasing both potential strategic interest and competition.