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 company at up to $5 billion, said the people, who spoke on condition of anonymity because the discussions are private.
While all options remain on the table, including a sale, SPAC merger and IPOs in the U.S. or Europe, a Nasdaq listing is currently the preferred route, one of the people said.
The company is in no rush to go public as crypto markets remain weak, with its core foreign exchange business providing insulation from the downturn, another person said.
A company spokesman said LMAX declines to comment on speculation. Morgan Stanley declined to comment. Stifel did not respond to a request for comment by the time of publication.
The London-based firm operates institutional trading venues 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 agent execution model, transparent order books and low-latency trading infrastructure.
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