LMAX eyeing NASDAQ IPO/SPAC listing at $5 billion valuation

Crypto industry news site Coindesk reported that London-based institutional digital asset and FX marketplace LMAX has engaged investment banks to explore a stock exchange listing. Citing three people familiar with the matter, LMAX is working with Morgan Stanley and KBW – the investment banking arm of Stifel (NYSE:SF) specializing in financial institution clients – to evaluate options ranging from a US or European IPO to a SPAC merger or a full sale of the company, with a traditional NASDAQ IPO being the preferred route. The Coindesk report cited a valuation of up to $5 billion for LMAX. A spokesperson for LMAX Group declined to comment on market speculation.

Approximately five years ago, in mid-2021, private equity firm JC Flowers acquired a 30% stake in LMAX at a $1 billion valuation. Earlier this year, crypto firm Ripple entered into a $150 million debt financing deal with LMAX to support its long-term cross-asset growth strategy, centered on integrating Ripple’s USD-pegged stablecoin RLUSD as a core collateral asset across LMAX’s institutional trading infrastructure.

LMAX reported gross revenues of $201 million in 2024, up 138% year-over-year from 2023, with EBITDA of $101 million, up 65% YoY. The company posted total trading volumes of $6.5 trillion in 2024, and while 2025 results are not yet released, LMAX has stated it saw $8.2 trillion in institutional exchange volumes in 2025, representing a 26% increase over 2024. Although the report’s timing is notable given the 2026 crypto market slowdown, LMAX’s core FX exchange business remains strong, and its digital asset segment continues to drive institutional adoption, as evidenced by Deutsche Börse Group’s recent $200 million investment in Kraken and a similar partnership between market maker Citadel and Crypto.com.