LMAX Group, the global cross-asset marketplace for FX and digital assets, reported record trading volumes of $8.2 trillion for the year ended 31 December 2025, marking a 28% increase from $6.5 trillion in 2024. The London-based firm also posted adjusted gross revenue of $112 million, up 4% year-on-year, and adjusted EBITDA of $25 million, up 11%, as it continues to execute its strategy of convergence between traditional and digital capital markets.
- Trading volumes: $8.2tn (up 28% from 2024)
- Adjusted gross revenue: $112m (up 4%)
- Adjusted EBITDA: $25m (up 11%)
- Cumulative traded volumes: Surpassed $50tn
- Ripple partnership debt facility: $150m
The firm announced several strategic initiatives during the year aimed at expanding its institutional reach and product offerings. LMAX Group secured a $150 million debt facility from Ripple to support digital asset and tokenised market infrastructure capabilities. The company also developed Omnia, a next-generation infrastructure layer enabling real-time asset conversion across FX, crypto, stablecoins and other digital assets through a single API, and launched institutional-grade perpetual digital asset futures to extend its derivatives suite.
Additional developments included the launch of Kiosk, a fully hosted institutional interface allowing clients to accept, custody, allocate and deploy digital assets as cross-collateral. These initiatives reflect LMAX Group‘s broader strategy to position itself at the intersection of traditional and digital capital markets as traditional finance and crypto markets converge.
2025 was another year of consistent performance for LMAX Group, with record trading volumes of $8.2tn and continued growth in revenue and earnings. We made significant progress against our strategy to build the leading cross-asset marketplace, expanding distribution, launching new products, securing major strategic partnerships and investing in the infrastructure that will underpin our next phase of growth.
CEO David Mercer noted that the firm has moved “firmly from strategy to execution” with a more diversified business, deeper institutional relationships, and a broader product offering, positioning it to lead the next chapter of financial services. LMAX Group operates as a marketplace for institutional participants across FX and digital asset trading.
David Mercer, CEO of LMAX Group. Source: LinkedIn
