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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

Crypto Public Companies Snapshot

Crypto Public Companies Snapshot

Todd White
September 8, 2023
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Consistent disclosure of reliable financial information to investors and markets is one of the primary objectives of the US federal securities laws. And yet even where accounting guidelines are clear, disparate reporting among similar companies can lead to confusing results. We saw this a few weeks ago with Bakkt’s acquisition of Apex, which made economic comparisons based on GAAP numbers alone difficult.

 

A lack of clarity can create even greater distortion. For example, historically there has been no specific accounting rule to report crypto assets in the U.S. The common treatment adopted by many companies – including Microstrategy, Marathon Digital, and Riot Platforms – treats digital assets such as Bitcoin as indefinite-lived intangibles, booking them at historical cost subject to “impairment” losses over time when prices fall below their carrying value. Such losses run through the income statement, land reduces balance sheet value, but without associated gains if prices recover. Some may view it as simply conservative, but during an up market both reported income and asset values may appear deflated against economic reality. To many investors this would seem confusing at best.

 

The Financial Accounting Standards Board (FASB) voted this week to approve a new rule addressing digital assets. Released in an exposure draft In March for public comment, the new rule will apply “fair value” accounting to recognize changes in digital assets values on the income statement and carry resulting balance sheet assets closer to current market value. FASB expects to issue the formal standard before year end, with mandatory effect for 2025, with the ability to adopt the rule earlier.

 

The rule isn’t perfect, and the potential for distortion may remain – for example, price volatility could create noisy results for companies that intend to hold their digital assets for the long term. But on balance treating crypto as a financial asset that is marked to market seems a sensible and more easily explained than previous treatment as an intangible.