LMAX Group Considers IPO Amid Expansion into Institutional Crypto Markets
London-based institutional cryptocurrency trading platform LMAX Group is evaluating strategic options, including a potential initial public offering (IPO). The firm has engaged investment banks Morgan Stanley and Stifel Financial to explore the possibility of listing on Nasdaq or pursuing alternative routes such as a SPAC merger. Reports suggest that an IPO could value the company at up to $5 billion. LMAX is positioning itself as a bridge between traditional finance (TradFi) and crypto markets, having launched a 24/7 multi-asset exchange in February for institutional trading of tokenized and traditional assets. In January, it received a $150 million strategic investment from Ripple to support the adoption of its RLUSD stablecoin. The firm has seen growth amid increased institutional interest in crypto markets following U.S.-approved spot Bitcoin ETFs.