Breaking: IG Group Acquires Australian Crypto Exchange Independent Reserve for £87 Million

IG Group, the London-listed contracts for difference (CFD) broker, has announced the acquisition of Independent Reserve, an Australian cryptocurrency exchange, for an initial enterprise value of A$178 million (£86.8 million). The deal marks IG’s boldest push yet into the fast-growing digital assets market.

Expanding Into Crypto Markets

The transaction, revealed on Friday, will provide IG with a regulated entry point into crypto trading across Asia-Pacific and the Middle East. Independent Reserve currently offers trading services for both retail and institutional clients, holding licenses in Australia and Singapore.

“This acquisition marks an important step in IG’s crypto strategy in a key region,” said Matt Macklin, Managing Director of Asia-Pacific & Middle East at IG. The company added that it intends to expand Independent Reserve’s reach beyond its home markets following completion of the deal.

The purchase is subject to regulatory approval from MAS (Singapore) and FIRB (Australia) and is expected to close in early 2026.

Leadership Retained, 30% Stake Unchanged

Under the agreement, IG will onboard Independent Reserve’s leadership team and employees, while its founders will retain a 30% shareholding. IG also holds a call option to acquire the remaining stake, with valuation dependent on performance in FY27 and FY28.

Independent Reserve’s co-founder and CEO, Adrian Przelozny, welcomed the deal:

“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.”

Strong Financial Performance

  • The acquisition values Independent Reserve at 5x its FY25 revenue. The exchange generated:
  • A$35.3 million in revenue (up from A$18.8 million the previous year)
  • A$9.9 million EBITDA, reflecting a 28.2% margin
  • 129,400 funded accounts with A$1.7 billion in assets under custody
  • An average of 116,000 monthly active customers

IG will initially pay A$109.6 million (£53.4 million), with a contingent payment of A$15 million (£7.3 million) tied to FY26 performance.

Strategic Pivot Toward Digital Assets

The deal follows IG’s recent expansion of crypto offerings, including a spot crypto trading partnership with Uphold and the rollout of crypto products under its US subsidiary tastytrade.

It also comes after IG completed its £160 million purchase of UK-based commission-free stockbroker Freetrade, signaling a broader diversification strategy. Meanwhile, IG has exited several legacy initiatives — including Spectrum, Brightpool, Raydius, BadTrader, and Small Exchange — and shut down its South African operations in 2024.

Outlook

The acquisition of Independent Reserve positions IG Group to capture a larger share of crypto adoption across Asia-Pacific and the Middle East. By combining Independent Reserve’s established regional presence with IG’s global infrastructure, the broker is betting on long-term growth in digital assets as part of its core business strategy.