Core Insights - IG Group, a UK-based online trading firm, has acquired Australian crypto exchange Independent Reserve for A$178 million ($117 million), marking its expansion into the APAC crypto market [1][2] - Independent Reserve is a significant player in the cryptocurrency exchange sector, offering trading in 34 digital assets and serving both retail and institutional investors [1][2] - The acquisition is expected to enhance IG's operations in the region and is seen as a crucial step in its crypto strategy [2][3] Financial Performance - Independent Reserve reported A$35.3 million in revenue for the 12 months ending June, nearly doubling its revenue from the previous year [2] - The deal is anticipated to be accretive to cash earnings per share in the first full financial year following the completion of the acquisition [4] Acquisition Details - IG Group will initially acquire 70% of Independent Reserve, with an option to purchase the remaining 30% based on performance metrics in the financial years 2027 and 2028 [3] - The completion of the acquisition is subject to regulatory approvals from the Monetary Authority of Singapore (MAS) and the Foreign Investment Review Board (FIRB) in Australia, with expectations for completion in early 2026 [4] Regulatory Context - In June, IG Group became the first UK-listed company to allow retail investors to trade a variety of cryptocurrencies, including BTC, ETH, and XRP, through a partnership with Uphold [5] - Starting in 2026, the UK will require crypto firms to collect and report detailed customer information for every trade and transfer, enhancing oversight in the digital asset sector [5]