Key Insights
- IG Group will acquire a 70% stake in Independent Reserve, valuing the Australian crypto exchange at A$178 million, with an option to buy the remaining shares later.
- Independent Reserve generated A$35.3 million in FY25 revenue, with strong growth across Australia and Singapore, serving 129,400 funded accounts and holding A$1.7 billion in assets.
LONDON/SYDNEY, (MarketsXplora) – FTSE 250 trading platform IG Group has agreed to buy Australian cryptocurrency exchange Independent Reserve in a deal that values the business at about A$178 million (£86.8 million), marking the UK-listed broker’s first major foray into digital assets across the Asia-Pacific region.
The agreement, announced on Friday, sets the initial enterprise value at five times Independent Reserve’s revenue for the 12 months ending June 30, 2025. IG will take an initial 70% stake for A$109.6 million (£53.4 million), rising to A$124.6 million (£60.8 million) if performance targets are met in fiscal year 2026. The group also holds a call option to purchase the remaining 30% between FY27 and FY28, with valuation tied to performance.
The deal is expected to close in early 2026, subject to approval from regulators including Singapore’s Monetary Authority of Singapore (MAS) and Australia’s Foreign Investment Review Board (FIRB).
Independent Reserve’s Strong Growth and Market Position
Founded in 2013, Independent Reserve is among Australia’s largest and fastest-growing digital asset exchanges, offering trading in 34 cryptocurrencies across multiple fiat currency pairs. It operates with regulatory approvals in both Australia and Singapore, serving retail and institutional investors.
The exchange reported revenues of A$35.3 million (£17.7 million) in FY25, nearly doubling from the prior year’s A$18.8 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at A$9.9 million (£5 million), representing a 28.2% margin. Approximately 76% of revenues were generated in Australia and 24% in Singapore.
Growth has been rapid: revenues have increased at a 70% compound annual growth rate over the past two years, while monthly active customers rose 60% year-over-year to approximately 11,600 in the 12 months to June 2025. The company said it also has 129,400 funded accounts with A$1.7 billion in assets under custody and an average of 116,000 active customers per month.
Independent Reserve’s leadership and employees, including co-founder and CEO Adrian Przelozny, will remain with the firm, retaining a 30% stake. The brand will continue to operate under its own name in Australia and Singapore, while its products are integrated into IG’s global platforms.
Joining IG provides us with the platform to accelerate our growth,” 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.
IG Group Acquires Independent Reserve to Expand Crypto Ambitions
IG, headquartered in London and providing access to more than 19,000 financial markets, said the acquisition plugs a “major gap” in its digital asset strategy by giving it regulated access to Australia and Singapore, with the option to expand further across Asia-Pacific and the Middle East.
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. “Independent Reserve is one of Australia’s largest and fastest-growing digital asset exchanges with established regulatory foundations, proven technology and strong leadership.
The transaction builds on IG’s recent expansion into crypto markets in the UK and U.S. In May, IG became the first UK-listed firm to launch retail spot crypto trading through a partnership with Uphold, offering 35 cryptocurrencies directly via the IG platform and IG Invest app.
In the U.S., its brokerage arm Tastytrade recently broadened its offering to 23 cryptocurrencies and introduced stablecoin funding for accounts via Zero Hash, enabling customers to deposit 24/7 across multiple blockchain networks.
IG said the Independent Reserve deal is expected to be accretive to cash earnings per share in its first full year post-completion (FY27) and deliver returns above its weighted average cost of capital within three to five years.
The move follows IG’s £160 million purchase earlier this year of UK-based commission-free stock trading app Freetrade and underscores its ambitions to diversify beyond its traditional contracts-for-difference brokerage into broader retail trading services.