IG Group Holdings plc closed its 70% acquisition of Independent Reserve, an Australian crypto exchange, on January 30, following regulatory approval from Singapore's Monetary Authority. The London-listed CFD and spread-betting group paid A$109.6 million (£53.4 million) upfront against a headline enterprise value of A$178 million, five times Independent Reserve's A$35.3 million in revenue for the 12 months to June 2025, a figure that had nearly doubled from A$18.8 million the prior year.
Independent Reserve's founders retained a 30% stake, with IG holding a call option on it priced on FY2027–FY2028 performance. An A$15 million earnout tied to FY2026 performance (year ending June 30) brings the total 70% consideration to A$124.6 million; at maximum outperformance, the deal reaches a total enterprise value of A$285.1 million.
Independent Reserve holds regulatory approvals in Australia and Singapore. It brought 129,400 funded accounts, A$1.7 billion in assets under custody, and 116,000 average monthly active customers to the deal, with A$9.9 million EBITDA on a 28.2% margin for the year to June 2025. IG has committed to launching a crypto proposition for customers in Australia, Singapore, and UAE in H2 2026, powered by Independent Reserve's infrastructure and licensing.
"This acquisition strengthens our crypto capabilities and positions us to meet growing customer demand across APAC and the Middle East," said Matt Macklin, IG's Managing Director for Asia Pacific and the Middle East. Independent Reserve CEO and co-founder Adrian Przelozny said the combination "accelerates our mission to bring trusted, regulated crypto trading to a wider audience."
Traditional finance is moving from observation to ownership in crypto. Morgan Stanley filed a spot Solana staking ETF last week; Franklin Templeton closed its 250 Digital acquisition this month. IG's move is the APAC edition: buying licensed exchange infrastructure rather than building it. Independent Reserve's regulatory standing in Australia and Singapore gives IG a compliance foothold at a time when unlicensed competitors face tightening scrutiny across the region.
