LMAX Considers Up to $5 Billion Sale or Listing Amid Crypto Market Weakness

LMAX Group has enlisted Morgan Stanley and KBW to assess its strategic options, which could value the institutional trading company at up to $5 billion.

The company is reviewing several paths, including a direct sale, merger with a special purpose acquisition company (SPAC), or listing on either Nasdaq or a European exchange. A Nasdaq IPO currently ranks as LMAX's preferred option, according to one of the people familiar with the private discussions.

LMAX's foreign exchange business gives it room to wait for better market conditions while cryptocurrency prices remain weak, another person said. The company's revenue from established foreign exchange operations protects it from relying entirely on digital asset trading activity.