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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 12, 2023
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News on Macro Economic Data

 

CPI came in slightly higher than expected for December ending 2023 up 3.4% year over year.   However, December’s PPI unexpectedly dipped 0.1% in December, representing three straight months of decline, and a 1% increase year over year.  Overall, the two numbers represent a cautiously optimistic view of the economy going forward.    

 

The Fed’s interest rate hiking cycle along with quantitative tightening has done its job of reducing inflation from its highs, although getting down to the targeted 2% may take much longer and may be harder to achieve due to persistent economic pressures.  Lingering inflation also remains an issue, with overall prices up 17.6% since January 2021 (food up 33.7%, shelter up 18.7%, energy up 32.8%, and electricity up 27.1%), with many of these price increases being permanent. 

 

For now, despite ongoing major geopolitical events, rising oil prices, the ever-rising US debt, and other issues, the economy remains resilient and appears to be headed only for a slight contraction in 2024.  Earning season just kicked off and 2024 guidance will be important. 

 

Crypto Public Company Activity

 

One more week of Bitcoin ETFs

 

The SEC approved eleven spot bitcoin ETFs this week which saw a total of $4.6B in volume on the first day of trading with Grayscale Bitcoin Trust leading the way with $2.32B.

 

The general investor will get all the usual benefits of ETFs – liquidity, easy access, and security.  Portfolio management also becomes much easier for the general investor who wishes to allocate a portion of assets into more speculative investments. 

 

The fees charged by the ETFs are significantly lower than existing bitcoin funds.  However, an interesting aspect of the SEC’s rules for these ETFs is that bitcoin transaction fees are operating expenses and are not deducted from each customer transaction.   This will reduce the overall performance of the ETF – to what extent will only be known over time. 

 

One of the true winners is Coinbase which is providing much of the “plumbing”. For most of the ETFs Coinbase will be the crypto custodian as well as the likely exchange for ETF bitcoin trading.  Coinbase is also responsible for SEC-mandated surveillance-sharing agreements with the listing exchanges providing details of crypto trading that could affect ETF prices.