LMAX Weighs Sale or IPO at Up to $5 Billion Valuation

Founded in 2010, LMAX Group operates institutional venues spanning foreign exchange and digital assets, including LMAX Digital, which launched in 2018. Its deliberations carry broader significance as banks, brokers and asset managers deepen their exposure to crypto, increasing investor interest in regulated trading infrastructure that connects conventional and digital markets.

LMAX was reported on July 24, 2026, to be working with Morgan Stanley and Keefe, Bruyette & Woods, or KBW, on options including a sale or initial public offering, with a valuation of as much as $5 billion. On Jan. 15, Ripple agreed to provide $150 million in financing as LMAX integrates the RLUSD stablecoin into its institutional infrastructure and expands its cross-asset business.