ARCHITECT SUCCESSES

SEE ALL
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 27, 2023
DOWNLOAD FULL REPORT

News on Macro Economic Data

There was mixed news on the economic front this past week: GDP for Q3 came in at a robust 4.9%, however:

 

2.7 percentage points were associated with consumer spending. How long can this be maintained is a key question, as consumer debt is rising fast, and credit card and auto loan delinquencies are increasing

 

1.3 percentage points were attributed to Inventory buildup for Q4

 

While durable goods orders were up, business equipment was negative, and investment in IP was weaker than during the pandemic

 

PCE, the Fed’s favorite metric for inflation, remained stubbornly high, and rose 0.4% in Sept (3.4% annualized)

 

Important to note that PCE does not include key consumer needs of food and energy. Food and energy were up 6.6% YoY

 

Consumer spending was up 0.7% in Sept, but personal income gains only increased 0.3%

 

Given the mixed economic news, global instability, and 10-year T-Bills yielding 4.8 +/-%, the markets have remained volatile. Given the current environment, most economists believe the Fed will leave rates as is during their upcoming meeting.

 

Crypto Public Company Activity

 

The surge in cryptocurrency values earlier in the week was fueled by growing excitement over the possibility of crypto spot ETFs available on traditional exchanges without having to deal with managing an account/wallet on crypto exchanges that collectively have a less than stellar reputation.

 

In a move that foreshadows an SEC approval, Blackrock’s spot bitcoin ETF appeared on the Depository Trust and Clearing Corp.’s eligibility list. DTCC is an American operating clearing house for stocks and ETFs.

 

Bitcoin gained 18% on Tuesday, trading above $35,000 for the first time since May 2022 at the height of the surge. Publicly traded crypto exchanges, miners, and other associated companies all had a very good day. However, these assets lost value over the course of the week, much like the broader market, as global instability and broad economic concerns drove investment decisions.

 

Does this major short-term move in crypto assets provide evidence that the crypto winter is thawing? It’s tough to predict given global turmoil, both geo-political and financial, as well as the ongoing regulatory environment. But, it’s a welcome reprieve.

 

On another positive note, the market capitalization of DeFi assets is up 15% to a three-month high of $49.4B, and for the first time since August, TVL (Total Value Locked) has surpassed $40B.