Crypto industry news site Coindesk is reporting that London based institutional digital asset and FX marketplace LMAX has engaged with investment banks to look at a stock exchange listing.

Citing “three people familiar with the matter”, the report stated that LMAX is working with Morgan Stanley and KBW – the investment banking arm of Stifel (NYSE:SF), which specializes in financial institution clients – to evaluate several options, ranging from an IPO in the US or Europe, to a SPAC merger, to a full-out sale of the company, with a “traditional” IPO and listing on NASDAQ being the company’s preferred option. LMAX’s choice of US-based investment bankers also would confirm that assumption.

The Coindesk report cited a valuation of “up to $5 billion” for LMAX.

FNG contacted the company, and a spokesperson for LMAX Group declined to comment on market speculation.

LMAX ownership

About five years ago, in mid 2021, private equity firm JC Flowers bought a 30% stake in LMAX at a $1 billion company valuation. And earlier this year crypto firm Ripple entered into a $150 million (debt) financing deal with LMAX, to support LMAX’s long-term cross-asset growth strategy. That transaction was centered around LMAX integrating Ripple’s US-pegged stablecoin RLUSD as a core collateral asset across its institutional trading infrastructure.

LMAX results

LMAX posted Gross Revenues of USD $201 million in 2024, which were up 138% YoY from 2023. (The company has yet to release 2025 results). 2024 EBITDA was $101 million at LMAX, up 65% YoY. In 2024 LMAX reported total trading volumes of $6.5 trillion, and although 2025 results aren’t out yet the company has stated that it saw $8.2 trillion in institutional exchange volumes in 2025, i.e. up 26% over 2024, so presumably 2025 results will be ahead of 2024, at least on the top line.

While the timing of the report is somewhat curious given the slowdown in crypto markets in 2026, LMAX’s core LMAX Exchange business is still in the institutional FX space. And its digital asset business is centered around enabling institutional crypto adoption and bridging the traditional finance and crypto worlds, which is still roaring ahead now, evidenced by Deutsche Börse Group’s recent $200 million investment in Kraken, and a similar hookup between market maker Citadel and Crypto.com.