IG Group is buying a 70% stake in Australia-based Independent Reserve in a deal that could grow to $117 million, aiming to deepen its presence in the Asia-Pacific crypto market.
Key Takeaways
- IG Group will acquire 70% of Independent Reserve for approximately $72 million, with the option to buy the remaining 30% based on performance.
- The total enterprise value of the deal is $117 million, representing a 5x multiple on Independent Reserve’s FY25 revenue.
- The move gives IG regulated access to Australia and Singapore, two key crypto markets in Asia-Pacific.
- Independent Reserve will continue to operate independently, retaining leadership and staff as it scales with IG’s global infrastructure.
What Happened?
IG Group, a global trading and investment firm listed on the FTSE 250, announced that it will acquire a 70% stake in Australian cryptocurrency exchange Independent Reserve. The deal values Independent Reserve at A$178 million (approximately $117 million) and will close pending regulatory approvals in Australia and Singapore, expected by early 2026.
IG Group Targets Asia-Pacific With Strategic Crypto Bet
IG Group has been actively expanding its crypto footprint. With this acquisition, it now gains immediate access to Australia and Singapore’s regulated digital currency markets. This complements its recent launches in the UK and US, where it has introduced spot crypto trading via Uphold and expanded services under its tastytrade brand.
Matt Macklin, IG’s Managing Director for Asia-Pacific and the Middle East, said the acquisition is “an important step in IG’s crypto strategy in a key region.” He described Independent Reserve as one of the “largest and fastest-growing” digital asset platforms in Australia, known for its strong regulatory standing and secure infrastructure.
Under the terms of the deal:
- IG will pay A$109.6 million (about $72 million) upfront for the 70% stake.
- An additional A$15 million ($10 million) may be paid if FY26 performance targets are met.
- IG retains a call option to purchase the remaining 30% based on results from FY27 and FY28.
Independent Reserve’s Growth Makes It a Prime Target
Founded in 2013, Independent Reserve is one of Australia’s oldest and most regulated crypto platforms. It supports trading in 34 digital assets and operates across both Australian and Singaporean markets. The exchange has seen impressive growth:
- Revenue surged 88% year-over-year to A$35.3 million ($23.9 million) in FY25.
- It reported EBITDA of A$9.9 million, reflecting a 28.2% margin.
- Monthly active users grew 60% to around 11,600, with 129,400 funded accounts.
- Assets under custody reached A$1.7 billion ($1.12 billion).
CEO and co-founder Adrian Przelozny welcomed the acquisition, saying:
Importantly, Independent Reserve’s brand, leadership, and platform will remain intact for now, helping it maintain customer trust while benefiting from IG’s resources and market access.
Builds on IG’s Broader Digital Asset Strategy
IG’s acquisition of Independent Reserve follows its recent purchase of UK-based stock trading platform Freetrade for £160 million. It also comes after IG streamlined its portfolio by exiting several legacy ventures, including Spectrum, Brightpool, and Small Exchange.
In May, IG Group became the first UK-listed firm to offer retail crypto trading, integrating 35 cryptocurrencies into its platform via a partnership with Uphold. In the US, tastytrade clients can now trade 23 cryptocurrencies and fund accounts using stablecoins through Zero Hash infrastructure.
This acquisition helps IG close a regional product gap and position itself for future growth in the APAC and Middle East crypto sectors.
CoinLaw’s Takeaway
In my experience, this move by IG Group shows how traditional financial powerhouses are no longer just experimenting with crypto, they’re going all-in. Buying Independent Reserve is not just a market entry strategy. It’s a full-blown expansion into regions with huge potential and regulatory clarity. What I found most impressive is how IG isn’t just buying tech. They’re buying trust and a loyal user base in a market that’s notoriously hard to penetrate. This is a clear sign that crypto is becoming central to the future of mainstream finance.
