Institutional cryptocurrency trading platform LMAX Group is considering going public.

LMAX is working with investment banks Morgan Stanley (NYSE: $MS) and Stifel Financial (NYSE: $SF) to evaluate strategic options, including a potential initial public offering (IPO). 

The company is also reportedly exploring a SPAC merger or sale that could value the business at up to $5 billion U.S. 

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However, media reports say a listing on the Nasdaq (NASDAQ: $NDAQ) exchange is LMAX’s preferred route.

Discussions with the investment banks come as cryptocurrency markets remain weak, putting the timing of a…