IG Group Sells US Futures Exchange Business to Kraken Parent Payward
IG Group Holdings plc (“IG”, “the Group”) has completed the sale of its US-based futures platform, Small platform Inc, to Payward Inc, the parent company of the cryptocurrency platform Kraken. The move marks a strategic realignment as IG deepens its exposure to the digital assets ecosystem through partnerships rather than direct platform ownership.
The transaction values Small platform at $100 million (£74.9 million), with consideration comprising $32.5 million (£24.3 million) in cash and $67.5 million (£50.6 million) in Payward stock. IG said the deal generates a post-tax gain of £73.3 million and increases its regulatory capital resources by £22.7 million.
As part of the agreement, IG will form a partnership with Kraken to distribute products from the new platform. While product details are expected later, both companies are understood to be exploring new opportunities in digital asset-linked derivatives and tokenized financial instruments.
Takeaway
IG’s CEO, Breon Corcoran, described the transaction as a significant return on investment. “The transaction represents a significant return on the Group’s acquisition of Small platform and enables us to collaborate with Kraken on the distribution of new crypto products,” he said. Corcoran’s emphasis on collaboration aligns with IG’s recent shift toward partnerships that extend its technological reach without diluting regulatory focus.
IG initially invested in Small platform in 2020 to capture new opportunities in the U.S. retail futures market. The platform was designed to democratize access to platform-traded products through smaller contract sizes. However, market conditions and regulatory complexity have since made partnerships more efficient than ownership for cross-border financial operations.
The sale allows IG to refocus on its core strengths—regulated trading, technology innovation, and platform scalability—while expanding through high-value partnerships in crypto and fintech infrastructure.
Takeaway
The sale of Small platform follows a sequence of moves reinforcing IG’s digital asset ambitions. In September 2025, the Group announced the acquisition of Independent Reserve, a leading crypto platform based in Australia. That deal, pending regulatory approval, is expected to close in ahead 2026.
Earlier this year, IG obtained a cryptoasset licence from the Financial Conduct Authority (FCA) in the UK, giving it the green light to expand digital asset services to both retail and institutional clients. This milestone makes IG one of the few established brokers authorized to operate within the UK’s evolving crypto regulatory framework.
IG also participated in a major funding round for Zero Hash Holdings LLC, a market infrastructure provider for crypto, stablecoins, and tokenized assets. That round, valuing the firm at approximately $1 billion, left IG with an 8.1% stake and greater exposure to the infrastructure side of digital asset settlement and custody.
Takeaway
For IG, the sale of Small platform marks the end of one chapter and the acceleration of another. By exiting a smaller, niche platform business and aligning with a global crypto leader, IG gains access to broader markets and deeper liquidity channels.
More significantly, this move fits neatly into the Group’s long-term strategy to balance innovation with regulation—a model designed to weather market cycles while capitalizing on the digitization of finance. IG’s diversified structure and capital discipline make it well-positioned to navigate both traditional and blockchain-driven markets.
The partnership with Kraken symbolizes a deeper convergence between established financial institutions and digital-native platforms. It is an evolution that redefines how liquidity, regulation, and innovation can coexist in the next generation of global trading infrastructure.
Takeaway
