IG Group to acquire Independent Reserve in AUD $178m crypto deal
IG Group has confirmed the acquisition of Independent Reserve, one of Australia's largest cryptocurrency exchanges, for an initial enterprise value of AUD $178.0 million (GBP £86.8 million).
The purchase accelerates IG's expansion into cryptocurrency markets, particularly within the Asia Pacific region, building on its existing efforts to develop its crypto offerings in the UK and US.
Transaction details
Under the terms of the agreement, IG will acquire an initial 70% stake in Independent Reserve for a consideration of AUD $109.6 million (GBP £53.4 million), excluding an expected share of acquired surplus cash amounting to AUD $8.4 million (GBP £4.1 million). A further payment of AUD $15.0 million (GBP £7.3 million) may become payable, contingent on performance targets for the financial year 2026. IG also has a call option to purchase the remaining 30% stake, with the final valuation dependent on Independent Reserve's performance in financial years 2027 and 2028. The enterprise value for 100% ownership could reach up to AUD $285.1 million (GBP £139.0 million) in the event of strong outperformance.
Completion of the transaction is subject to regulatory approvals from the Monetary Authority of Singapore (MAS) and the Foreign Investment Review Board (FIRB) in Australia and is anticipated in early 2026.
Strategic rationale
Independent Reserve serves both retail and institutional clients, providing trading in 34 digital assets across multiple currencies. The exchange operates with licenses to serve customers in Australia and Singapore, offering IG immediate market entry and the opportunity to expand further in the Asia Pacific and Middle East regions.
The current leadership team and employees of Independent Reserve will remain in place and will retain a collective 30% shareholding upon completion. IG plans to maintain the Independent Reserve brand and integrate its products into IG's trading platforms, initially targeting the Australian and Singaporean markets.
Independent Reserve brought in revenue of AUD $35.3 million (GBP £17.7 million) in the twelve months ending 30 June 2025, an 88% year-on-year increase and a compound annual growth rate of 70% over the previous two years. EBITDA for the period stood at AUD $9.9 million (GBP £5.0 million). Most of the revenue (76%) during this period was generated in Australia, with the remaining 24% from Singapore. The exchange averaged approximately 11,600 monthly active customers, up 60% over the previous year.
Management viewpoints
Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, said: "This acquisition marks an important step in IG's crypto strategy in a key region. Independent Reserve is one of Australia's largest and fastest-growing digital asset exchanges with strong regulatory foundations, proven technology and strong leadership. I am delighted that the Independent Reserve team will join IG as they embark on their next phase of growth."
Adrian Przelozny, Chief Executive Officer and co-founder of Independent Reserve, stated: "Joining IG provides us with the platform to accelerate our growth. IG's vision aligns with our mission to provide secure, regulated crypto trading and this transaction will enable us to expand our product and market reach."
Product and market integration
IG will initially incorporate Independent Reserve's crypto products into its trading platforms for Australia and Singapore, with options for further regional rollout. The combined entity aims to address product gaps in IG's existing suite and draws on Independent Reserve's regional operational experience.
This development follows IG's recent launches in other major markets. In the UK, IG introduced spot crypto trading in May 2025, becoming the first UK-listed business to offer the service to retail investors, with 35 cryptocurrencies available via its platforms. In the US, the tastytrade business expanded its product range to 23 coins and enabled stablecoin account funding for investors globally using infrastructure provided by Zero Hash.
Financial outlook
The acquisition is expected to be cash earnings per share (EPS) accretive in the first full financial year following completion, which will be IG's 2027 financial year. Anticipated returns on invested capital are projected to exceed the group's weighted average cost of capital within three to five years post-completion.
The acquisition brings additional digital asset trading capabilities and an experienced team to IG, while offering Independent Reserve access to wider resources and international customer segments.
