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LMAX explores sale or IPO as strategic options are evaluated

CoinDesk reports LMAX is working with Morgan Stanley and KBW, and discussions could value the business at up to $5 billion while it is considering options including a sale or a Nasdaq listing.

Reported · Written up by our desk · Market Structure

Institutional crypto trading platform LMAX Group is evaluating strategic options that could include a sale or a public listing, according to people familiar with the matter cited by CoinDesk.

CoinDesk reports the London-based firm is working with Morgan Stanley and investment bank KBW, part of Stifel, to assess pathways that may also include a SPAC merger or an IPO in the U.S. or Europe, with a Nasdaq listing currently viewed as the preferred route.

The talks are private and could value the business at up to $5 billion, the outlet said, adding that LMAX is not rushing to go public because broader crypto markets remain weak.

LMAX operates institutional trading venues for foreign exchange and digital assets, and CoinDesk notes it is regulated by the U.K.'s Financial Conduct Authority. A spokesperson for LMAX declined to comment on the speculation, while Morgan Stanley did not respond and Stifel did not reply by publication time.

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