LMAX Group is exploring a potential Nasdaq IPO that could value the London-based trading venue at up to $5 billion, according to CoinDesk, which cited three people familiar with the process. Morgan Stanley and KBW have been hired to weigh the options, which also include a sale, a SPAC merger (a listing route where a company merges with an already-public cash shell), and a European flotation.
A Nasdaq listing is the preferred route, one source told CoinDesk. No price has been agreed, and LMAX declined to comment on speculation.
Why the LMAX Group Nasdaq IPO Multiple Looks Stretched
The arithmetic is bracing. LMAX’s most recent published accounts show EBITDA (earnings before interest, tax, depreciation and amortisation) of $101 million for 2024. At a $5 billion valuation, a buyer would be paying close to 50 times that figure. On gross revenue of $201 million, the same price implies roughly 25 times sales.
For context, Deutsche Börse, which operates Eurex and Clearstream and is a profitable listed exchange group, trades at around 16 to 17 times EBITDA on current market data. LMAX’s asking multiple is nearly three times that.
The last time LMAX had a formal price put on it was July 2021, when J.C. Flowers paid $300 million for a 30% stake, implying a group valuation of roughly $1 billion. Since then, the business has grown: EBITDA has risen from $62 million to $101 million and gross profit from $106 million to $190 million. Earnings are up by about two thirds. The mooted valuation is five times higher.
Chief Executive David Mercer described 2024 as ‘a defining year for LMAX Group.’ The $5 billion figure, though, is a ceiling reported by anonymous sources, not a settled number.
The Kraken Comparison and What the Market Is Paying
The deal most often cited as a benchmark is the Deutsche Börse acquisition of a 1.5% stake in Kraken parent Payward for $200 million, which values Kraken at roughly $13.3 billion. That deal is structured as a secondary share transaction and is expected to close in Q2 2026, subject to regulatory approvals. Deutsche Börse and Kraken had already announced a broader strategic partnership in December 2025, covering trading, custody, settlement, and tokenised assets, before the equity stake was priced.
Kraken booked $2.2 billion of revenue in 2025, so the Deutsche Börse deal cleared at roughly six times sales. That is a far cheaper entry than $5 billion for LMAX’s $201 million revenue base. Kraken’s own public listing has also slipped toward 2027 after its valuation fell by a third from the $20 billion it carried in late 2025.
Eighteen Months of Financial Silence
Any investor evaluating this deal faces an awkward information gap. LMAX published its 2024 annual results on 26 August 2025, eight months after the year ended. The investor relations page still lists those as the latest full-year figures, meaning the most recent profit data describes the business as it stood roughly 18 months ago.
LMAX did release a 2025 volume figure in January: $8.2 trillion, up 26% on the prior year. If earnings kept pace with volumes, the multiple on current trading would be lower. But those earnings have not been published. Statutory accounts for LMAX Limited and LMAX Broker Limited, made up to 31 December 2025, are due at Companies House by 30 September. On past form, the 2025 results may land around late summer, potentially while the banking process is still running.
Mostly FX, Not Mostly Crypto
Much of the early coverage framed LMAX as an institutional crypto platform. The accounts tell a different story. Crypto is one slice of $6.5 trillion in group volumes; the core FX exchange carries most of the business. One source told CoinDesk there is no rush to list while digital asset markets are soft.
The crypto expansion is real, however. Ripple provided $150 million in financing in January to add RLUSD as collateral, and LMAX subsequently launched Omnia Exchange in February and its Kiosk product in May. The UK arm also posted a net loss for 2023 when crypto volumes fell, a reminder that a meaningful portion of the earnings line moves with a cycle a buyer at $5 billion would be pricing through.
Nasdaq Over London: A Familiar Pattern
The preference for Nasdaq over a domestic listing follows a well-worn path among UK financial firms. Marex abandoned a London flotation in 2021 and later filed its Form F-1 with the SEC on 26 March 2024 to pursue a US listing instead. KBW was among Marex’s joint lead bookrunners on that deal and is now advising LMAX. TP ICAP also evaluated a New York listing seriously before deciding against it.
The 2025 EBITDA figure, when it arrives, will be the number that either justifies the multiple or forces a conversation about price. Until then, the $5 billion sits atop an earnings base that is 18 months out of date.
