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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
November 17, 2023
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News on Macro Economic Data

The economy received good news this week, as both CPI and PPI numbers came in better than expected.   CPI was up year over year by 3.2% and down 0.5% month over month.   The majority of the reduction can be attributed to the reduction in energy costs.   Core inflation (CPI less food and energy) fell to 4% year over year, and just 0.2% month over month.   In addition, housing starts surprised to the upside of 1.9% month over month instead of the expected decline.  Housing permits were also better than expected at 1.1%.

 

There is still caution as major retailers provided cautious guidance for Q4, and major banks are projecting a slowdown in 2024.  Data suggesting a slowdown continues to include: total inflation since January 21, 2021, is slightly above 17% while real wages have declined 4% over the same period, consumer debt defaults are rising, and the full effects of the Fed raises have yet to be felt.  

 

Crypto Public Company Activity

 

“The Future Will Be Tokenized” –   Forbes

 

Many believe that tokenization is the future, and this digital future will revolutionize financial markets, along with substantial positive effects in other markets.   The integration of tokenization and blockchain will lead to innovative financial solutions, marketplaces, and drive efficiency and liquidity for markets.   There are still many technical and regulatory hurdles, but innovative companies are partnering with large financial institutions to aggressively drive this future forward.  Two exciting announcements from this week include:

 

  • JPM and Apollo announced a POC to tokenize Apollo’s funds in collaboration with Axelar, Oasis Pro, and Provenance Blockchain.  The goal is to manage large-scale client portfolios, execute trades, and provide automated portfolio management of tokenized assets.  

 

  • Monetary Authority of Singapore (MAS) announced multiple financial industry partners to develop comprehensive infrastructure and capabilities to expand and scale the opportunities for tokenization and digital assets across networks and borders.  The partners have created five POCs representing the entire value chain for capital markets– listing, distribution, trading, settlement, and servicing.  MAS’ announced partners include  Citi, T Rowe Price, Fidelity, BNY Mellon, OCBC, Ant International, Franklin Templeton, JP Morgan, and Apollo. 

 

Recent weeks have been positive for public markets, especially given the positive economic news over the past couple of weeks.   As a result, BTC has been up 27% over the past month providing a positive influence on public crypto companies, with the Architect Partners’ index up 30% over the same period.