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Highlights

  • IG Group to acquire 70% of Independent Reserve for AUD 109.6m (£53.4m), with deferred consideration of AUD 15.0m (£7.3m) linked to FY26 performance.
  • Independent Reserve reported AUD 35.3m revenue (+88% YoY) and AUD 9.9m EBITDA in FY25.
  • Completion expected in early 2026, subject to approvals from MAS (Singapore) and FIRB (Australia).

IG Group Holdings plc (LSE:IGG) announced the acquisition of Australian-based cryptocurrency exchange Independent Reserve for an initial enterprise value of AUD 178.0m (£86.8m). At completion, IG will acquire a 70% interest for AUD 109.6m (£53.4m), with an additional AUD 15.0m (£7.3m) contingent on FY26 performance, bringing the total to AUD 124.6m (£60.8m). Independent Reserve’s founders and management will retain 30% ownership, with IG holding a call option to purchase this stake based on FY27–FY28 results.

Independent Reserve Profile
Independent Reserve is among Australia’s largest digital asset exchanges, offering trading in 34 cryptocurrencies in multiple currencies. The exchange is licensed to operate in Australia and Singapore, serving both retail and institutional clients. For the 12 months ending 30 June 2025, revenue reached AUD 35.3m (£17.7m), representing an 88% year-on-year increase and a CAGR of 70% over two years. EBITDA stood at AUD 9.9m (£5.0m). During the same period, average monthly active customers were approximately 11,600, reflecting 60% growth year-on-year.

Strategic Rationale
The acquisition strengthens IG’s entry into crypto markets across Asia-Pacific, providing immediate access to Australia and Singapore. The transaction fills a product gap in a priority region while aligning with IG’s acquisition framework based on strategic fit, deliverability, and returns. Independent Reserve’s leadership team will remain in place, bringing deep crypto-native expertise and ensuring continuity. IG plans to maintain the Independent Reserve brand while integrating its products into IG’s trading platforms, beginning in Australia and Singapore.

Financial Terms
The AUD 178.0m enterprise value represents a 5.0x multiple of FY25 revenue. The potential total enterprise value payable for 100% ownership is capped at AUD 285.1m (£139.0m), contingent on outperformance versus base case business plans. IG expects the deal to be cash EPS accretive in FY27 and to generate returns above its weighted average cost of capital within FY29–FY31.

Integration and Market Expansion
The deal complements IG’s recent crypto rollouts in other markets. In May 2025, IG launched spot crypto trading in the UK in partnership with Uphold, providing 35 coins integrated across the IG platform and IG Invest app. In the US, tastytrade expanded its product range to 23 coins and enabled stablecoin account funding through Zero Hash, allowing 24/7 global account funding.

Next Steps
The transaction is subject to approvals from the Monetary Authority of Singapore and the Foreign Investment Review Board in Australia. Completion is targeted for early 2026.