Institutional crypto trading platform LMAX is exploring sale, IPO
CoinDesk 2026-07-24 14:36:16
Context: LMAX Group, a London-based institutional crypto trading platform, is working with advisers Morgan Stanley and Stifel's investment bank, KBW, to evaluate strategic options, including a potential sale, SPAC merger, or initial public offering (IPO). The company has expanded rapidly in recent months, introducing a 24/7 multi-asset exchange and securing a $150 million strategic investment from Ripple. LMAX is considering a Nasdaq listing as its preferred route, with a potential valuation of up to $5 billion.
Key Facts
- LMAX Group is working with Morgan Stanley and investment bank KBW, part of Stifel, to evaluate strategic options, including a sale, SPAC merger, or IPO, according to three people familiar with the matter.
- The company is exploring a sale or public listing that could value the business at up to $5 billion, with a Nasdaq listing currently being considered as the preferred route.
- LMAX has expanded rapidly in recent months, introducing a 24/7 multi-asset exchange allowing institutions to trade tokenized and traditional assets around the clock, broadening its business beyond spot crypto trading.
- The London-based firm secured a $150 million strategic investment from Ripple in January, which was intended to help expand institutional adoption of Ripple's RLUSD stablecoin through LMAX's trading and settlement network.
- In July 2021, LMAX announced that J.C. Flowers, a global financial services-focused private equity firm, would acquire a 30% stake in the company for $300 million, valuing the group at approximately $1 billion.