Institutional crypto trading platform LMAX is exploring sale, IPO

FinanceInstitutional crypto trading platform LMAX is exploring sale, IPOLMAX is working with Morgan Stanley and investment bank KBW to assess its options, which could lead to a sale or a public offering.By Will Canny|Edited by Sheldon Reback Jul 24, 2026, 2:36 p.m. 3 min readMake preferred on ShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmailMake preferred on SummaryShowInstitutional trading platform LMAX is working with advisers Morgan Stanley and Stifel’s investment bank, KBW.Options being considered include a potential sale, SPAC merger or an IPO, according to people familiar.The London-based firm has expanded rapidly in recent months, introducing a 24/7 multi-asset exchange and securing a $150 million strategic investment from Ripple tied to institutional stablecoin adoption. Institutional crypto trading platform LMAX Group is working with Morgan Stanley (MS) and investment bank KBW, part of Stifel (SF), to evaluate strategic options, 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, the people said, speaking on condition of anonymity because the discussions are private.While all options remain on the table, including a sale, SPAC merger and IPOs in the U.S. or Europe, a Nasdaq listing is currently the preferred route, one of the people said.The company is in no rush to go public as crypto markets remain weak, with its core foreign-exchange business providing insulation from the downturn, another person said.A company spokesperson said LMAX declines to comment on speculation. Morgan Stanley declined to comment. Stifel didn’t respond to a request for comment by publication time.The London-based firm operates institutional trading venues for foreign exchange and digital assets, providing execution, liquidity and market infrastructure to banks, brokers, hedge funds and asset managers. Regulated by the U.K.'s Financial Conduct Authority, it is…

Institutional crypto trading platform LMAX is exploring sale, IPO

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