Copper CEO departs, sale negotiations have entered the fourth month

According to CoinDesk, cryptocurrency custody company Copper's CEO Amar Kuchinad has resigned as the company seeks to sell and negotiations have entered their fourth month. Kuchinad joined Copper as CEO in October 2024, following the departure of the company's founder and CEO Dmitry Tokarev. Kuchinad previously worked at Goldman Sachs and served as an advisor at the U.S. Securities and Exchange Commission.

Copper has been looking for buyers since May of this year and has hired Cantor Fitzgerald to assist with the sale, initially asking for $500 million. CoinDesk reported last month that the company received offers of about $200 million, while Copper's valuation at its peak exceeded $2 billion.

Recently, Copper also added two executives: Elin Cherry as Chief Compliance Officer and Sean Bowen as Chief Operating Officer. As of the time of publication, neither Copper nor Kuchinad has responded to requests for comment.