IG Group Holdings plc has acquired Independent Reserve, a cryptocurrency exchange based in Australia, for an initial enterprise value of £86.8 million.
The bolt-on transaction accelerates the online trading provider’s entry into cryptocurrency markets in the Asia Pacific region.
IG Group said the move ‘brings a talented team of crypto-native specialists to the group… and complements the strategic progress we have made to enhance our crypto offerings organically in the UK and US’.
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 platform has almost 12,000 monthly active customers.
Its most recent annual results saw revenue increase 88% to £17.7m, while EBITDA totalled £5m.
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IG will acquire an initial 70% of Independent Reserve for £53.4m. An additional payment of £7.3m is contingent on performance in FY26, taking the consideration for 70% ownership to £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. This is currently expected in early 2026.
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.”
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