I last flagged IG Group, IGG LN on budget day (see the link below).

My thoughts have been that the stock is undervalued, and the fact that Kraken, for one, was interested in merging with company effectively means that its open to offers. After all CEO Breon Corcoran is an outsider, without any historical allegiance to the brand or its independence.

IG published its trading update for the 3-months to November 30th 2025 this morning.
Net trading revenue was up +29.0% year over year and by +17.0% quarter over quarter.

The US is the fastest growing market for IG, which may help to explain why “what to do with Tasty Trade” was the stumbling block for the Kraken approach. I am led to believe the crypto exchange wanted to sell the US options business but IG didn’t.

Net revenue in the US came in at $65.30 million, up +51.0% year over year and +19.0% quarter on quarter. New customer fist trades for the group were up +64.0% over 2024, and by +18.0% on the prior quarter .

IG also pointed to its FCA crypto license and an improved performance from Freetrade, which now has £3.30 billion of assets under administration up, +33.0% year over year .

IG Group continues to buyback its own stock and has purchased +7.60 million shares since September 4th 2025, and has added another £75.0 million to the £125.0 million it committed to in July this year.

The market likes what it hears and the stock is up +5.25% as I type, part of +13.34% gain over the last month. That compares to a +1.70% monthly gain for the broader FTSE 250 index.

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