IG Group Acquires Australian Crypto Exchange Independent Reserve

On Friday, IG Group (LON:IGG) announced the acquisition of Independent Reserve, an Australian cryptocurrency exchange, for an initial enterprise value of A$178.0m (£86.8m), marking a significant step in its Asia Pacific expansion strategy.

The brokerage said the move accelerates its entry into the burgeoning cryptocurrency markets within the region.

The acquisition aligns with IG's strategic framework, focusing on strategic fit, deliverability, and financial returns. The deal will see Independent Reserve's leadership team and employees remain, retaining a 30% stake at completion, thus bringing valuable crypto-native expertise to IG.

Independent Reserve reported revenue of A$35.3m (£17.7m) for the 12 months ending June 30, 2025, an 88% increase year-over-year, with a CAGR of 70% over the previous two years. EBITDA for the same period was A$9.9m (£5.0m). The exchange boasts approximately 11,600 average monthly active customers, up 60% from the prior year.

IG will initially acquire 70% of Independent Reserve for A$109.6m (£53.4m), excluding acquired surplus cash. An additional A$15.0m (£7.3m) is contingent on FY26 performance. A call option exists for IG to purchase the remaining 30% stake, valued based on FY27 and FY28 performance. Completion is subject to regulatory approvals in Singapore and Australia, expected in early 2026.

The acquisition is projected to be cash EPS accretive in the first full financial year post-closing (FY27) and achieve a return on invested capital exceeding IG's weighted average cost of capital within three to five years (FY29-31). The purchase price represents a multiple of 5.0x Independent Reserve's revenue for the 12 months ending June 30, 2025.

Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, stated: “This acquisition marks an important step in IG's crypto strategy in a key region.” He further emphasized Independent Reserve's established regulatory foundations and strong leadership. Adrian Przelozny, CEO of Independent Reserve, highlighted that “Joining IG provides us with the platform to accelerate our growth.”

This acquisition complements IG's existing organic crypto initiatives in the UK and US. In the UK, IG launched spot crypto trading in May 2025, offering 35 coins. In the US, tastytrade expanded its product range to 23 coins and enabled stablecoin account funding.