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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

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54 Crypto Private Financings Raised ~$219M 

Rolling 3-Month-Average: $265M

Rolling 52-Week Average: $193M

 

Last week saw a spike in investment activity with 54 financings.  It’s been quite a while since this level of activity has been seen!  Perhaps funding activity is warming up with the weather.  It’s important to note that 29 of those financings did not disclose the amount of capital raised, creating an artificially low value for capital invested.

 

Just a few weeks ago we wrote about the importance of tokenizing real-world assets when covering BlackRock’s introduction of their USD Institutional Digital Liquidity Fund.  Last week, this important topic took center stage again with two significant fundings, underscoring the growing influence of this market disrupting technology.

 

By creating digital tokens on a blockchain that represent ownership rights in physical assets like real estate, art, and commodities, or with financial assets, tokenization unlocks new possibilities. Blockchain technology boasts enhanced security and transparency, streamlining processes, reducing friction in asset management, enabling around the clock trading, and significantly increasing liquidity and access across a wider range of assets.

 

Securitize – is a leader in digitizing financial assets through blockchain technology.   Blackrock led a $47M funding, which also included Hamilton Lane, ParaFi Capital, and Tradeweb Markets.   For their investors, Securitize currently enables access to Hamilton Lane’s Senior Credit Opportunities Fund and their Equity Opportunities Fund V, as well as is the transfer agent for Blackrock’s USD Institutional Digital Liquidity Fund, the first tokenized fund issued on Ethereum. 

 

Ironlight – is a recently announced project by TradFi veterans, including the former trading heads of Schroders, with a former CEO of TD Bank as an advisor.  They aim to create a regulated marketplace for trading tokenized real-world assets. They will focus on tokenizing private securities with existing value, and which are typically illiquid.  Ironlight did not disclose the investors in their $12M round beyond noting that a significant portion came from investors with Wall Street backgrounds.  

 

The rapid advancement in this investing infrastructure is exciting, and will surely disrupt the status quo.