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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
January 5, 2023
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News on Macro Economic Data

 

2024 is looking to be a very interesting year.   The predicted recession of 2023 never materialized, and most economists are optimistic for a soft landing in 2024.  With that in mind, the Fed suggested 3 interest rate cuts during the year.    The market is predicting 6-7 cuts during 2024.  A requirement for 6-7 cuts this year doesn’t seem like a vote of confidence regarding economic health in 2024.  A recession has always followed a tightening of the money supply, and leading indicators have been declining for 18 months.   Thus, it will be interesting to follow, as it’s also an election year.   Two key topics for today:  

 

The Fed’s balance sheet doubled to $8T since 2020 which may become a real issue in 2024.   The Treasury Department has put out their schedule showing a reduction in bond auctions.   The most recent auctions have not gone very well.   The Fed, China, and Japan are not buying bonds so yields most likely will have to increase to attract investors driving up long-term interest rates.   The Treasury Dept seems instead to be focused on T- bills bringing up issues that may hinder the economy.  

 

The December jobs report came in much stronger than expected at 216K jobs.  However, of those jobs 52K were government, 74K were private education and Health Services, and 57K were leisure, hospitality, and retail.   The labor force participation rate declined by 683K workers, and multiple job holders continues to rise.   Additionally, The Wall Street Journal’s analysis showed that recent job growth trend has been government, health care and social services which means job creation has mostly supported government spending on social services and not jobs that boost the economy.  

 

Crypto Public Company Activity

 

One of the most watched, and arguably the most exciting milestone for Bitcoin in early 2024 is the possible approval of one or more Bitcoin spot ETFs.   It represents true institutional acceptance.   Aside from the hype, many analysts believe the price of Bitcoin will go higher due to the increased demand generated by ETFs.

 

This past Wednesday the price of Bitcoin fell more than 10% when Matrixport posted a seemingly very definitive report that Bitcoin spot ETFs, with a reported regulatory approval date of January 10, were ultimately not going to receive approval by the SEC. 

 

The overall reaction to the report, including the 10% drop in the price of Bitcoin, prompted Jhan Wu, Chairman of Bitmain and Matrixport, to defend the analyst and the freedom of Matrixport’s analysts to state their opinions as they see the market.   He also denied their report was responsible for the drop in Bitcoin pricing.

 

Independent of the Matrixport analyst’s view, Grayscale, ARK, and VanEck have received approval for their spot Bitcoin ETFs to trade on their exchange of choice along with approved ticker symbols.  These moves do not mean SEC approval of the spot ETFs, but are a key step towards trading once they are approved.  

 

The ETF watch goes on.