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IG Group Holdings plc has agreed to acquire Independent Reserve, one of Australia's leading cryptocurrency exchanges, for an initial enterprise value of A$178.0 million (£86.8 million). The acquisition represents IG's strategic entry into cryptocurrency markets across the Asia Pacific region.
Independent Reserve operates trading services for 34 digital assets across multiple currencies, serving both retail and institutional customers with regulatory permissions in Australia and Singapore. The Melbourne-based exchange has demonstrated strong growth momentum, with revenue reaching A$35.3 million (£17.7 million) in the 12 months ending 30 June 2025, marking an 88 per cent increase from the previous fiscal year.
Matt Macklin, Managing Director of Asia Pacific & Middle East at IG
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 established 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, CEO and co-founder of Independent Reserve
Adrian Przelozny, CEO and co-founder of Independent Reserve, commented:
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.
Independent Reserve recorded EBITDA of A$9.9 million (£5.0 million) for the 12-month period, while serving approximately 11,600 average monthly active customers - representing 60 per cent growth year-on-year. The customer base has achieved a compound annual growth rate of 60 per cent over two years.
The acquisition complements IG's existing cryptocurrency initiatives across other markets. In May 2025, the group launched spot crypto trading in the UK through a partnership with Uphold, becoming the first UK-listed company to offer retail crypto trading with 35 coins integrated across its platform.
IG's US operation, tastytrade, has expanded its cryptocurrency offerings to 23 coins and introduced stablecoin account funding through Zero Hash infrastructure, enabling 24/7 funding capabilities across multiple blockchain networks."
Under the transaction terms, IG holds a call option to acquire the remaining 30 per cent stake, with valuation based on FY27 and FY28 performance metrics. The deal values Independent Reserve at 5.0 times revenue for the 12-month period ending 30 June 2025.
Completion remains subject to regulatory approvals from the Monetary Authority of Singapore and Australia's Foreign Investment Review Board, with closure expected in early 2026. IG anticipates the acquisition will be earnings per share accretive in FY27 and achieve returns exceeding the group's weighted average cost of capital within three to five years.
Approximately 76 per cent of Independent Reserve's revenue originates from Australian operations, with Singapore accounting for the remaining 24 per cent. Following completion, IG will retain the Independent Reserve brand while integrating its products into IG's trading platforms, initially focusing on Australian and Singapore markets.
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