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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

Alerts

Talos to Acquire Coin Metrics for over $100M

Eric Risley
July 20th, 2025
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Transaction Overview

On July 16th, 2025, Talos, a crypto trading smart order router, announced its acquisition of Coin Metrics, a crypto data and data analytics provider, for over $100M.

 

Target: Coin Metrics

Founded in 2017, Boston-based Coin Metrics was one of the first firms to combine on-chain network analytics with institutional-grade market data, carving out a reputation as the “crypto financial intelligence leader” for global capital markets. Today, the platform spans four complementary product lines:

 

  • Network Intelligence (Network Data Pro) tracking over 70 public blockchains

 

  • Market Data Feed normalized across 25–30 of the world’s largest spot and derivatives venues, with real-time and historical order book depth, trades, and quotes

 

  • ATLAS blockchain search covering 190+ crypto assets down to transaction-level granularity with a single API

 

  • A full suite of benchmarks and reference rates, including the Datanomy digital-asset classification system built in partnership with Goldman Sachs and MSCI, now delivering IOSCO-compliant USD prices on 200+ assets

 

The company’s data, research, and index feeds are used by over 500 banks, asset managers, and regulators worldwide, with marquee relationships that include Goldman Sachs, Fidelity Digital Assets, MSCI, Nasdaq, BNY Mellon, Franklin Templeton, and State Street. Clients use the platform for trade execution analytics, portfolio valuation, risk monitoring, and product structuring.

 

With approximately 90 employees, Coin Metrics remains privately held and does not disclose revenue figures. The firm has raised a total of $64.6 million across four rounds, including a $35 million Series C in April 2022 led by Acrew Capital and BNY Mellon at a $315M post-money valuation. Fidelity, Goldman Sachs, Brevan Howard, and Avon Ventures also participated in that round.

 

Coin Metrics’ main competitors include other trading data providers such as IntoTheBlock, Kaiko, Four Pillars, Amberdata, InnoDT, CoinAPI, and Glassnode.

 

Buyer: Talos

Founded in 2018, New York-based Talos pioneered an institutional-grade smart order router that ensures best execution across crypto trading venues. Its offerings cover everything from liquidity aggregation and algorithmic execution to post-trade analytics and treasury settlement. The modular platform now spans five core product lines:

 

  • Trading & Smart Order Routing that normalizes order book depth across 60+ spot, derivatives, and DeFi venues through a single OEMS API

 

  • White Label & Prime Connectivity for banks, brokers, and fintechs that need crypto trading

 

  • Portfolio Management & Risk, bolstered by the 2024 acquisitions of Cloudwall and D3X Systems

 

  • On-chain DeFi Access via the May 2024 acquisition of Skolem

 

  • Data & Post-Trade Analytics, which will be further strengthened by the recent announcement to acquire Coin Metrics

 

 

The platform’s reach is reflected in the numbers. Talos has over 80 provider integrations, 3,800 tradeable symbols, and $350 billion in cumulative volume processed since launch, with the system regularly absorbing 5–10x average daily flow during volatile sessions without downtime. Talos counts among its clients global buy- and sell-side heavyweights, including Citi, BNY Mellon, Wells Fargo, Cumberland/DRW, and Nubank—part of the 300+ institutions that rely on its stack for price discovery, execution, and settlement.

 

Talos remains privately held, and specific revenue figures are undisclosed. However, venture filings report a $40 million Series A financing in May 2021 led by Andreessen Horowitz, PayPal Ventures, and Fidelity, followed by a $105 million Series B in May 2022 led by General Atlantic that valued the firm at $1.25 billion and added new strategic backers from Wall Street’s largest banks. Today, the company has roughly 170 employees across New York, London, and Singapore, with a talent base skewed toward engineering and client success.

 

Transaction Parameters

Talos will acquire 100% of Coin Metrics following the close of their deal valued at over $100 million. 

 

Previous comparable transactions include: Coindesk | CCData & CryptoCompare (M&A Alert), Binance | CoinMarketCap (M&A Alert),  Amberdata | Genesis Volatility.

 

Strategic Rationale

By integrating Coin Metrics’ on-chain analytics and benchmark indices directly into Talos’s execution and portfolio management stack, the result is a seamless “data-to-trade” workflow for institutions.

 

Additionally, Talos will acquire Coin Metrics’ deep roster of global bank and asset manager clients, unlocking immediate cross-sell opportunities and embedding a recurring, high-margin data revenue stream.

 

Architect Partners’ Observations

Strategically, at its simplest level, Coin Metrics supplies Talos with real-time pricing data across multiple execution venues. This data feeds Talos’s smart order routing algorithms, allowing it to offer best execution services to institutional investor clients.

 

This is fundamentally a vertical consolidation where Talos determined that owning, rather than contracting for, data-harvesting capabilities is important.

 

Architect Partners has been following the crypto data and data analytics sector for years (report linked here). Historically, the data and data analytics sector has created multibillion-dollar companies in traditional finance with groups like Refinitiv, S&P Global, FICO, etc. This has been challenging in the crypto industry, to date, due to the long hesitancy of traditional institutional investor participation. Our thesis remains that as the crypto industry matures, data and data analytics will begin to see demand emerge as this trend changes. It’s taken far longer than anticipated, but it will come.

 

Sources 

PitchBook, CCData Press Release, CoinDesk Press Release, CCData Website