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Swyftx Acquires Caleb & Brown
Swyftx Acquires Caleb & Brown

Transaction Overview

On July 1st, 2025, Swyftx, one of the largest Australian cryptocurrency exchanges, announced a definitive agreement to acquire Caleb & Brown, a high-net-worth-focused crypto brokerage, for an undisclosed amount.

 

Target: Caleb & Brown

Caleb and Brown is a Melbourne-based, high net worth focused crypto brokerage that specializes in personalized trading services across the digital asset landscape. Caleb & Brown focuses on the relationship model used successfully across traditional  financial services – every client that comes onto their platform gets assigned a broker to assist them in executing trades  and handling all customer service needs. Caleb and Brown’s core services include 1) Brokerage Services, which provide personalized 24/7 trading support for 250+ digital assets, 2) an OTC Desk, which provides high volume trading solutions with deep liquidity and competitive pricing, 3) the Caleb and Brown Asset Management, an actively managed crypto asset fund for accredited investor, 4) crypto custody. 

 

The business has more than AUD $2 billion of digital assets under custody and was founded by Rupert Hackett and Dr. Prash Puspanathan in 2016. C&B is led by CEO Jackson Zeng and has 64 team members across both Australia and the US. Caleb & Brown has not raised any outside capital. 

 

Architect Partners’ Observations

Architect Partners acted as the exclusive financial advisor to Caleb & Brown. 

 

Swyftx’s acquisition of Caleb & Brown marks the largest acquisition targeting high net worth crypto investors. It also reflects two important shifts in the evolution of crypto exchanges, particularly within the ANZ region.

 

First, high-net-worth client service is becoming a strategic differentiator. Exchanges are beginning to recognize that personalized brokerage and deep client relationships offer a competitive advantage while greatly reducing attrition. This is a model that high-net-worth clients are accustomed to in their financial lives. Caleb & Brown’s approach, which assigns a dedicated broker to every client, stands apart from the high-volume, low-touch models that dominate the market. Swyftx gains access not only to clients but also to an established business model that emphasizes trust, service, and retention in a way few crypto exchanges have pursued.

 

Second, this is a milestone moment for ANZ crypto M&A. While there have been many plays for global expansion by exchanges, this is the first of its kind in Australia moving into the US, signaling that the region is entering a more active phase of market maturity. 

 

We believe this transaction will serve as a catalyst for further strategic activity to expand globally and to augment services as companies seek differentiation in both product and customer segments.

 

Strategic Rationale

Swyftx is acquiring Caleb & Brown to expand into the United States via C&B’s regulatory framework, and to acquire the relationship model inherently required with a higher-tier customer base. This acquisition will grant Swyftx entry into the U.S. 12 to 24 months faster than otherwise possible organically. Furthermore, the acquisition diversifies Swyftx’s primarily retail client base to include 25k+ high net worth individuals in numerous countries. 

 

“Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential.” – Jason Titman

Insights

2024 Year End Crypto M&A and Financing Report

Eric F. Risley
January 8, 2024
DOWNLOAD FULL REPORT

Download the full report above.

State of the Crypto Markets: We enter 2025 with optimism

 

The U.S. elections and the associated expected shift in the U.S. regulatory stance have changed everything. 

Crypto asset values, public equity prices, public financings and the less visible M&A and private financing markets have all demonstrated this change in sentiment. Even more importantly, corporate executives and venture capital and growth investors who started 2024 with caution now end the year with optimism. This optimism is reflecting itself in our frequent conversations and transaction-related engagement with ecosystem players, both crypto-native and traditional finance. Plenty of challenges remain but we also feel optimistic that 2025 may be looked upon in retrospect as a breakout year.

This Year-End Crypto M&A and Financing Report provides detailed data and observations. 

 

 

2024 CRYPTO YEAR IN REVIEW HIGHLIGHTS

 

Mergers & Acquisition Activity Up Strongly

M&A activity is back, reaching a record level of transaction announcements in Q4 2024, rounding out the year on a strong upswing. Overall 2024 increased by 29% in transaction count from last year and we are now within spitting distance of record 2022 levels. Regardless of increased activity levels, the vast majority of transactions are “tactical” and rather small. Anecdotal evidence suggests this will change in 2025 with the reemergence of strategic, high-value M&A.

 

Private Financing Activity Recovering As Well

Similarly, private financing activity was up 31% in 2024 with the strength coming from seed and early stage venture. Growth stage activity continues to be challenged actually decreasing by 6.3% this year, however, this too is likely to change. The catalyst will be strengthening financial performance by relatively mature crypto businesses, the necessary prerequisite to attracting growth capital.

 

Public Markets Demonstrated Exceptional Price Appreciation and Financing Activity

The Architect Partners Crypto Index rose 59% in 2024, significantly outperforming other equity indices and assets such as gold. Many in the index significantly outperformed the index overall. The public financing spigot, particular debt, was wide open with $18.5B raised in public markets, by several Bitcoin network operators, Coinbase, and the unique anomaly called Microstrategy.

 

 

2025 THEMES ARCHITECT PARTNERS IS TRACKING

 

Crypto Has Delivered Exceptional Value Creation

Crypto has attracted $130B of risk capital which today represents $3.8T in value, 29x returns, far better than traditional venture investing. This far outpaces the Internet at the same point in market development. More coming soon when we publish an update to our Family Ties report.

 

Initial Public Offerings are Coming

Numerous companies are on that track but 2026 may be stronger than 2025

 

Leverage Is Quickly Returning

Friend or foe this time? 

 

Mergers & Acquisitions – It’s Time for Urgency

Traditional financial services companies are entering the crypto space, a potentially existential competitive threat to some crypto-native players. Both will be spurred into action.

 

Moving Beyond Speculation – An Important Next Step

Stablecoins are proving to be a real-world use case, with both businesses and consumers participating. What other use cases have viability and can scale? The answer remains opaque.

 

 

Eric F Risley

Founder & Managing Partner

January 8, 2025