IG Group has acquired Australian cryptocurrency exchange Independent Reserve for $178 million to enhance its presence in the Asia-Pacific digital asset market.

Target Information

IG Group, a leading UK-based online trading firm, has made a strategic acquisition of Independent Reserve, a cryptocurrency exchange headquartered in Sydney, for $178 million. Established in 2013 by founders Adam Tepper, Adrian Przelozny, and Lasanka Perera, Independent Reserve has swiftly ascended to become one of Australia’s foremost digital asset platforms. The exchange caters to both retail and institutional clients across Australia, New Zealand, and Singapore, and reported a revenue of $35.3 million for FY25, marking an impressive growth of 88% year-on-year. The company also achieved an EBITDA of $9.9 million and will continue operations under the leadership of CEO Adrian Przelozny and the existing management team, who will retain a 30% ownership stake.

Industry Overview in Australia

The cryptocurrency industry in Australia has seen significant growth and transformation over recent years. With the increase in digital asset trading, regulatory frameworks are evolving to ensure protection and compliance within the marketplace. Australia has established itself as a center for cryptocurrency innovations and exchanges, offering a blend of technological advancements and regulatory clarity that encourages investment and participation both domestically and internationally.

Furthermore, as of late 2023, Australia is witnessing a rise in institutional investment in cryptocurrency. Major banks and financial institutions are exploring blockchain technologies and incorporat