IG Group Holdings has completed its acquisition of the cryptocurrency exchange Independent Reserve, taking an initial 70% stake for $109.6 million. IG Group’s objective with this acquisition is to offer regulated trading products in the Asia-Pacific and Middle East regions.
IG paid a total of $109.6 million for an initial 70% stake, with an additional contingent payment of $15 million based on the operation’s performance. This price is based on a 5.0x revenue multiple, calculated over a twelve-month period ending in September 2025 for Independent Reserve.
The transaction values Independent Reserve at an initial enterprise value of $178.0 million and includes performance-based payments that could increase the enterprise value to $285.1 million. The structure combines upfront consideration with contingent incentives.
Operationally, the mix of upfront and contingent consideration signals IG’s intention to scale the business selectively rather than immediately consolidate full ownership. This preserves capital flexibility and ties a portion of the acquisition’s economics to measurable growth.
Regulatory approval and proposed market launch
The acquisition was completed after securing key regulatory approvals, particularly authorization from the Monetary Authority of Singapore, considered essential to the deal. This approval positions IG to operate in one of the region’s most strictly regulated digital asset jurisdictions and supports its plan to roll out a crypto trading offering in Singapore, Australia, and the United Arab Emirates.
IG’s strategy focuses on providing cryptocurrency exposure primarily through Contracts for Difference (CFDs). This format allows clients to speculate on price movements, potentially with leverage, without directly holding the underlying assets.
The launch of CFD-based crypto trading is planned for the second half of 2026, subject to compliance with local regulations in each jurisdiction. The initiative expands access to regulated crypto derivatives in key Asia-Pacific and Middle Eastern markets, potentially altering liquidity flows and hedging strategies for both retail and institutional clients.
For IG, the structure of the agreement aligns valuation potential with future performance, while for Independent Reserve, the integration provides greater commercial reach and regulatory support. The decisive milestone will be the regional rollout in the second half of 2026, which will allow for an assessment of whether the acquisition translates into a tangible increase in crypto derivatives volumes and liquidity.
