IG Group expands crypto footprint with acquisition of Australian exchange in potential $117 million deal

FTSE 250-listed global trading and investment firm IG Group has agreed to acquire Australian crypto exchange Independent Reserve, boosting the company's digital asset rollout beyond the UK and the U.S.

In a statement on Friday, IG said it will acquire Independent Reserve for an initial enterprise value of approximately $117.1 million, valuing the exchange at a 5x revenue multiple for the 12 months ending June 30.

IG will pay approximately $72 million for an initial 70% stake in the crypto exchange, rising to $82 million if performance targets in the 2026 financial year are met. The group also holds a call option to buy the remaining 30% based on performance in 2027 and 2028.

"This acquisition marks an important step in IG's crypto strategy in a key region," IG Managing Director of Asia Pacific & Middle East Matt Macklin said. "Independent Reserve is one of Australia's largest and fastest-growing digital asset exchanges with established regulatory foundations, proven technology and strong leadership."

Headquartered in the UK and providing access to over 19,000 financial markets worldwide, IG said the deal fills a major gap in its crypto offering by giving it regulated access to the Australian and Singaporean markets, with room to expand further across Asia-Pacific and the Middle East. Independent Reserve's leadership and staff will stay on, while the brand and platform will initially continue to operate in both markets following completion.

Independent Reserve saw revenues nearly double in the past year to around $23.9 million, 76% of which was generated in Australia and 24% in Singapore, with a compound annual growth rate of 70%. It claims to have approximately 11,600 monthly active customers, up 60% year-over-year, and offers trading in 34 digital assets across multiple currency pairs.

"Joining IG provides us with the platform to accelerate our growth," Independent Reserve co-founder and CEO Adrian Przelozny said. "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."

The deal is subject to approval from regulators — MAS in Singapore and FIRB in Australia — with completion expected in early 2026.

Complementing IG's UK and US crypto rollout

The firm said the Independent Reserve deal builds on the crypto rollouts IG has already made in the UK and the U.S.

In May, IG Group became the first UK-listed firm to offer retail crypto trading following a partnership with digital asset platform Uphold. The service features 35 cryptocurrencies and is integrated directly into the IG platform and the IG Invest app.

Meanwhile, in the U.S., IG's brokerage arm Tastytrade recently expanded to offer 23 cryptocurrencies and enabled clients to fund their trading accounts with stablecoins via onchain infrastructure provider Zero Hash.