LMAX Appoints MS and KBW, $5BN IPO Unlikely During Crypto Winter – Sources

LMAX Group is evaluating its options for the future and it has appointed Morgan Stanley and KBW to conduct a review, including potentially listing the business, sources said.

Coindesk first reported that the exchange operator, which was last valued at $1bn in 2021, could attract a price tag of as much as $5bn for its combined offering that includes an FX and crypto platform as well as a 24/7 cross-asset venue. 

A spokesperson for LMAX Group “declined to comment on market speculation.” 

The review comes as valuations in the digital asset space soar, despite the lengthy “crypto winter” in markets, as investors bet on more institutional investors entering crypto, the rise of prediction markets and the advent of agentic trading. Recent deals include a $400 million strategic investment from Citadel into trading exchange Crypto.com, which valued the company at $20 billion. Kraken’s 1.5% share sale to Deutsche Borse and NYSE’s stake acquisition in OKX also provide a playbook for valuations. 

LMAX Group sits at the sweet spot for institutional adoption and it has recently announced a $150mn strategic deal with Ripple to fuel the growth of cross-asset trading. Sources say that while the company is going through its options, a $5bn valuation is some way away and unlikely to be achievable during the ongoing crypto winter.