Electronic trading major IG Group Holdings plc (LON:IGG) today announced the acquisition of Independent Reserve, a cryptocurrency exchange based in Australia, for an initial enterprise value of A$178.0m (£86.8m).

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.”

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.

Independent Reserve has strong growth momentum, with revenue in the 12-months ending 30 June 2025 of A$35.3m (£17.7m), 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$9.9m (£5.0m).

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.

IG will acquire Independent Reserve for an initial enterprise value of A$178.0m (£86.8m) 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)1.

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 FY284.

Completion is subject to regulatory approvals from MAS in Singapore and FIRB in Australia and currently expected in early 2026.

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. 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.