The institutional crypto trading platform LMAX is exploring a sale or public listing, with a potential valuation of $5 billion.

Foresight News reported, citing CoinDesk, that the institutional crypto trading platform LMAX Group is working with Morgan Stanley and investment bank KBW under Stifel to assess strategic options, including a sale, SPAC merger, or a listing in the United States or Europe, with a potential valuation of up to 5 billion US dollars. According to sources, a Nasdaq listing is currently the preferred option, but the company is not in a hurry to proceed; its core foreign exchange business can offset the impact of the current crypto market downturn.

LMAX is headquartered in London and is regulated by the UK's Financial Conduct Authority (FCA), providing institutional trading venues for banks, brokers, hedge funds, and asset management firms for foreign exchange and digital assets. In 2021, private equity firm J.C. Flowers acquired a 30% stake for 300 million US dollars, giving the company an estimated value of around 1 billion US dollars. In January this year, Ripple made a 150 million US dollar strategic investment in LMAX to promote institutional adoption of the RLUSD stablecoin.