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, a SPAC merger and IPOs in the U.S. or Europe, listing on Nasdaq is currently the preferred route, one of the people said.
The company is in no rush to go public as crypto markets remain weak and its core currency business provides insulation from the recession, another person said.
A company spokesperson said LMAX declines 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 firm operates institutional trading venues for currencies and digital assets, providing execution, liquidity and market infrastructure to banks, brokers, hedge funds and asset managers. Regulated by the UK Financial Conduct Authority, it is known for its agency execution model, transparent order books and low-latency trading infrastructure.
Connecting cryptocurrencies to TradFi
Trading activity across the crypto sector has accelerated this year as exchanges, fintech companies and market infrastructure companies look to strengthen their digital asset offerings and capture growing institutional demand.
