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

London-based institutional FX and digital asset marketplace LMAX Group is exploring a stock exchange listing, with a traditional Nasdaq IPO its preferred option, according to a CoinDesk report citing three people familiar with the matter.

The report said LMAX has enlisted Morgan Stanley and KBW, the financial institutions investment banking arm of Stifel, to evaluate options that include an IPO in the US or Europe, a SPAC merger, or a full sale of the company. A valuation of up to $5 billion was cited. LMAX Group declined to comment on market speculation when contacted.

Ownership, funding and financial growth

A potential listing would come roughly five years after private equity firm JC Flowers acquired a 30% stake in LMAX at a $1 billion valuation in mid-2021. Earlier this year, Ripple entered into a $150 million debt financing agreement with LMAX to support the company's cross-asset growth strategy. As part of that arrangement, LMAX plans to integrate Ripple's US-pegged stablecoin RLUSD as a core collateral asset across its institutional trading infrastructure.

LMAX reported gross revenue of $201 million for 2024, up 138% year over year, and EBITDA of $101 million, up 65%. The company said total trading volumes reached $6.5 trillion in 2024. Full-year 2025 results have not been published, but LMAX has said institutional exchange volumes came to $8.2 trillion in 2025, up 26% from the previous year.

The reported IPO exploration comes during a slowdown in crypto markets in 2026, though LMAX's core exchange business remains rooted in institutional FX. Its digital asset operations focus on enabling institutional crypto adoption and bridging traditional finance with the crypto sector, an area that continues to draw investment. Recent examples include Deutsche Börse Group's $200 million investment in Kraken and a partnership between market maker Citadel and Crypto.com.