Institutional cryptocurrency 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 considering a sale or public listing that could value the company at up to $5 billion, the sources said, speaking on condition of anonymity because the discussions are private.
Although all options remain on the table, including a sale, a SPAC merger and IPOs in the United States or Europe, a Nasdaq listing is currently the preferred route, one of the sources said.
The company is in no rush to go public as crypto markets remain weak, with its core foreign exchange business providing a hedge against the downturn, another person said.
A company spokesperson said LMAX declined to comment on speculation. Morgan Stanley declined to comment. Stifel did not respond to a request for comment at the time of publication.
The London-based company operates institutional trading platforms for foreign exchange and digital assets, providing execution, liquidity and market infrastructure to banks, brokers, hedge funds and asset managers. Regulated by the UK’s Financial Conduct Authority, it is known for its agency execution model, transparent order books and low-latency trading infrastructure.
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