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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

Crypto Public Companies Snapshot

Todd White
June 16, 2023

The disparity in regulatory treatment of crypto between the US and the rest of the world is again a hot topic this week. Many laud the EU, HK and others for promoting clear rules and embracing crypto technology and innovation, and condemn the US for putative attempts to stifle innovation and chase the crypto community off of its shores. But closer inspection suggests the lines between friendly and grumpy regimes aren’t nearly so clear, with the immediate impacts on the public crypto market even less so.

 

The recent SEC actions against Coinbase and Binance, and the CFTC’s victory against Ooki DAO confirming that decentralized entities can be held legally accountable, represent bold moves to bring the cryptosphere within the ambit of existing US regulation. The publication of the Markets in Crypto Assets law (MiCA) on Friday, setting up new crypto services licensing framework and stablecoin issuer governance standards to take effect in late 2024, has been widely and deservedly praised for its transparent and collaborative process. And Hong Kong’s Monetary Authority’s encouragement for lenders such as HSBC and Standard Chartered to onboard crypto exchange clients may help fill a void left by the loss of US-listed banks such as Silvergate and Signature with trusted non-US institutions.

 

Yet the SEC this week was denied its request to freeze Binance US’s assets, and we also saw BlackRock, the world’s largest asset manager and exchange-traded fund (ETF) sponsor, file for its Bitcoin ETF using Coinbase Custody and Coinbase’s spot market data. And across the pond, Binance is pulling out of the Netherlands after a failed application for a virtual asset service provider (VASP) license, and faces scrutiny in France for alleged illegal services and aggravated money laundering in France, in spite of prior indications of AML compliance. Perhaps the distinction between friendly and unfriendly shores is not so clear after all?

 

Meanwhile, it is hard to correlate these regulatory developments with actual pricing movements in the public crypto space. The biggest winner in our index is Bitdeer, a recently listed Singapore Bitcoin Network Operator that gained 100%+ this week to recover all of its losses from its debut on April 14. These fortunes are likely driven by its announced partnership with Bhutan rather than friendly regulation. Furthermore, CoinShares, a Jersey-based exchange listed in Sweden, lost 1% in spite of its favorable regime. And Robinhood, the US retail-focused trading platform, saw a strong 6% weekly improvement to top off YTD gains of 24%. This strong market performance is likely tied to increased volume in equity trading, and new products such as a cash sweep with a 5% yield, rather than HOOD’s substantial commitment and investment in crypto, which still accounts for less than 10% of revenue.