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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

Glenn Gottlieb
October 20, 2023
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News on Macro Economic Data

 

The view of the economy remains conflicted:

 

    • Fed Chairman Jay Powell spoke yesterday and suggested that rates may not be tight enough, but may pause in November, based on data showing economic growth is better than expected, strong consumer demand, and  inflation remaining stubbornly high at roughly 4%

 

    • Powell’s remarks are balanced against The Conference Board’s data showing that the leading economic indicators declined 0.7% in September following a 0.5% decrease in August, and a 3.4% decline over the last 6 months.  Lagging economic indicators are up only 0.1% over the same six-month period.   While the economy has shown resilience that will likely not continue and projects a shallow recession in the first half of 2024

 

Long rates at 16-year highs of roughly 5% along with growing geopolitical instability have had a negative effect on risk assets in general.

 

A November rate hike may not be in the works as long as 10 and 30-year treasury yields remain near 5% and continue to do the Fed’s job for it, and as the Fed keeps an eye on geopolitical instability.

 

Crypto Public Company Activity

 

Crypto assets had positive news on Thursday as the US Securities and Exchange Commission dropped its securities violations case against Ripple (XRP up 6.5% alone on Thursday), voting to dismiss the charges with prejudice.   This seems like a logical extension of the July ruling that “XRP is not, in and of itself a security”, and the recent denial of the SEC’s appeal of that ruling.  

 

There is optimism of a spot Bitcoin ETF getting SEC approval, perhaps this year.   The current optimism is beginning to drive up both the value of Bitcoin (again near or above $30,000), as well as associated equities.  Coinbase Chief Legal Officer, Paul Grewal told CNBC that he is confident that the ETF will be approved soon citing the SEC’s failure to block Grayscale from converting its GBTC bitcoin fund to an ETF.

 

Despite having licenses in multiple EU countries, Coinbase announced its EU Hub will be located in Ireland, an area where it already has an e-money license.   Coinbase is positioned well to operate once the Markets in Crypto Assets (MiCA) laws are enacted, which allows crypto exchanges to operate across the EU providing it has at least one license for an EU member country.   Ireland was chosen due to its favorable approach to taxation.