IG Group Sells Small Exchange to Kraken Parent Payward

IG Group sells Small Exchange to Kraken parent Payward for $100m, marking a major step in its expanding crypto strategy.

Key points:

• Sale valued at $100m, with IG realizing a £73.3m post-tax gain and expanding partnership with Kraken.
• Builds on IG’s crypto growth push, including its Independent Reserve acquisition and FCA crypto licence.

IG Group Holdings plc (LON: IGG) today announced the completion of its sale of Small Exchange Inc to Payward Inc, the parent company of leading cryptocurrency exchange Kraken.

The deal, which values Small Exchange at $100 million (£74.9 million), comprises $32.5 million (£24.3 million) in cash and $67.5 million (£50.6 million) in Payward stock. IG said the transaction delivers a post-tax gain of £73.3 million and increases its regulatory capital resources by £22.7 million.

As part of the transaction, IG Group will enter into a strategic partnership with Kraken to distribute products from the newly acquired exchange.

IG Group Sells Small Exchange to Kraken Parent Payward

“The transaction represents a significant return on the Group’s acquisition of Small Exchange and enables us to collaborate with Kraken on the distribution of new crypto products,” said Breon Corcoran, CEO of IG Group.

The sale marks another milestone in IG Group’s ongoing expansion into digital assets and follows a series of recent strategic moves in the crypto sector.

Furthermore, in September 2025, IG announced the acquisition of Independent Reserve, a leading Australian cryptocurrency exchange. The deal, which remains subject to regulatory approval, is expected to be completed in early 2026.

In September, IG also obtained a cryptoasset licence from the UK Financial Conduct Authority (FCA), positioning the company to broaden its crypto offerings to retail and institutional clients in the UK market.

Earlier in the financial year, IG participated in a new funding round for Zero Hash Holdings LLC, a market infrastructure provider specializing in the settlement of cryptocurrencies, stablecoins, and tokenized assets. IG also holds an 8.1% stake in the company, valuing it at approximately $1 billion in one of the sector’s largest private raises this year.

The sale of Small Exchange and the broader string of strategic initiatives underscore IG Group’s commitment to diversifying its revenue streams and strengthening its presence in the rapidly evolving crypto market.

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