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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 19, 2023
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News on Macro Economic Data

 

There wasn’t much economic news this past week.   The economic picture shows signs of improvement, but also persistent headwinds.   Recession fears are receding, as a survey of economists believe the likelihood of a recession in 2024 is only 42%, but only project a 1.6% growth rate. 

 

Jamie Dimon, CEO of JP Morgan, made news by suggesting he is “…a little skeptical of this kind of Goldilocks scenario.  I still think the chances of it not being a soft landing are higher than other people”.    The Conference Board also believes it is more probable that the US will slip into a short and shallow recession than not in 2024.

 

San Francisco Fed President and voting member today said that inflation is not down to 2%, there is a lot of work left to do, and suggested it’s too early to suggest rate changes are around the corner.  

 

Crypto Public Company Activity

 

Stock in the top 12 Bitcoin miners fell sharply this week and are down about $6B in market capitalization since January 1 according to TheMinerMag.   This drop is certainly the result of a confluence of factors rather than a singular event.  A few possible catalysts include:

 

  1. Miner revenue does fluctuate, but the trend line has been declining in recent weeks.  Total fees have fallen over the past 30 days from ~$60M per day to ~$40M per day according to YCharts

 

  1. The Expected April Bitcoin halving will reduce mining rewards in half which investors could believe will adversely affect profitability and negatively impact stock prices

 

  1. Bitcoin ETFs enable a direct, efficient, and liquid investment in Bitcoin that may be reallocating funds away from mining stocks.   It would be a justifiable rotation to reallocate profits from the Q4 2023 runup in mining stocks to the current increasing value of Bitcoin

 

  1. Negative news within a sector generally has a corresponding negative effect on an entire sector.  Hut8 fell 20% on Thursday alone, as unverified reports emerged of financial misbehavior regarding its recent $742M merger with US Bitcoin Corp.  The allegation came from J Capital Research – a short seller of Hut8 stock

 

The world of crypto mining is complex, and this short-term move is worth keeping an eye on.  Like any risk asset, there are always both positive and negative movements.   And, in the volatile world of crypto, all investments carry above-average risk and deserve deep diligence.