IG Group acquires Australian cryptocurrency exchange Independent Reserve for A$178 million
IG Group have announced the acquisition of Independent Reserve, a leading cryptocurrency exchange based in Australia, for an initial enterprise value of A$178.0 million (£86.8 million).
The bolt-on transaction accelerates IG’s entry into cryptocurrency markets in the Asia Pacific region and brings a talented team of crypto-native specialists to the Group. It complements the strategic progress we have made to enhance IG’s crypto offerings organically in the UK and US. The deal follows an extensive assessment of the cryptocurrency exchange sector and aligns with IG’s acquisition framework which evaluates opportunities based on strategic alignment, deliverability and financial returns.
Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, commented, “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, said, “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.”
Strategic rationale for the transaction
Acquisition closes a key product gap in a priority region
- Independent Reserve offers trading in 34 digital assets in multiple currencies, serving retail and institutional customers, with permissions to operate in Australia and Singapore. The transaction gives IG immediate access to these markets and provides optionality to expand the offering across the Asia Pacific and Middle East regions.
- The leadership team and employees will remain with Independent Reserve, and retain a collective 30% shareholding at completion, bringing strong crypto-native expertise to lead future propositions at IG. Following completion, the Group will retain Independent Reserve’s brand and integrate its product into IG’s trading platforms, initially in Australia and Singapore.
Strong financial profile and growth momentum
- Independent Reserve has strong growth momentum, with revenue in the 12-months ending 30 June 2025 of A$35.3 million (£17.7 million), increasing 88% on the previous fiscal year and representing a CAGR of 70% over the prior two years. Approximately 76% of revenue was generated in Australia and 24% in Singapore. EBITDA in the 12-months ending 30 June 2025 was A$9.9 million (£5.0 million).
- Independent Reserve had c.11,600 average monthly active customers in the 12-months ending 30 June 2025, up 60% on the previous fiscal year and representing a CAGR of 60% over the prior two years.
Key transaction terms and outlook
- IG will acquire Independent Reserve for an initial enterprise value of A$178.0 million (£86.8 million) representing a multiple of 5.0x revenue for the 12-months ending 30 June 2025.
- IG will acquire an initial 70% of Independent Reserve for a consideration of A$109.6m (£53.4m), excluding the Group’s expected share of acquired surplus cash of A$8.4m (£4.1m). An additional payment of A$15.0m (£7.3m) is contingent on performance in FY26, taking the consideration for 70% ownership to A$124.6m (£60.8m)
- IG has a call option to purchase the 30% stake that it will not own at closing, with valuation based on performance in FY27 and FY28
- Completion is subject to regulatory approvals from MAS in Singapore and FIRB in Australia and currently expected in early 2026.
- The acquisition is expected to be cash EPS accretive in the first full financial year post-closing (FY27) and achieve a return on invested capital in excess of the Group’s weighted average cost of capital in years three to five (FY29-31).
Transaction complements IG’s organic crypto rollout
The acquisition of Independent Reserve complements the strategic progress IG has made to enhance its crypto propositions in the UK and US.
In the UK, the Group launched spot crypto trading in May 2025, becoming the first UK-listed company to provide the product to retail investors. Launched in partnership with Uphold, the offering includes 35 coins and is fully integrated across the IG platform and IG Invest app.
In the US, tastytrade has expanded its product range to 23 coins and enabled stablecoin account funding for investors across multiple blockchain networks. This innovative funding method allows tastytrade customers around the world to fund their brokerage accounts with stablecoins, 24/7/365, powered by Zero Hash, the leading on-chain infrastructure provider.
