IG Group Holdings has struck a deal to acquire Independent Reserve, one of Australia’s leading cryptocurrency exchanges, for an initial enterprise value of A$178.0m (£86.8m).
The bolt-on acquisition is part of IG’s crypto expansion strategy across the Asia Pacific region. It also follows IG’s acquisition of Freetrade, as the group grows the number of brands within its stable.
The transaction will see IG initially acquire a 70% stake in Independent Reserve for A$109.6m (£53.4m), excluding the group’s expected share of acquired surplus cash.
A further A$15.0m (£7.3m) payment is contingent on performance targets being met in FY26, potentially taking the total consideration for the majority stake to A$124.6m (£60.8m).
Independent Reserve’s existing leadership team and employees will retain a collective 30% shareholding at completion. IG has secured a call option to purchase this remaining stake, with valuation based on performance metrics in FY27 and FY28.
“This acquisition marks an important step in IG’s crypto strategy in a key region,” Matt Macklin, Managing Director of Asia Pacific & Middle East at IG, explained.
“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.”
The Australian exchange’s revenue for the 12 months ending 30 June 2025 hit A$35.3m (£17.7m), representing an 88% increase on the previous fiscal year and a compound annual growth rate of 70% over two years. EBITDA for the same period was A$9.9m (£5.0m).
Independent Reserve serves both retail and institutional customers across 34 digital assets in multiple currencies. The platform averaged around 11,600 monthly active customers in the year to June 2025—a 60% year-on-year increase.
Approximately 76% of revenue was generated in Australia, with Singapore contributing the remaining 24%.