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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 26, 2024
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News on Macro Economic Data

 

Economic news this week was positive with a Q4 read on GDP at 3.3%, and the Fed’s preferred inflation rate PCE was down to 2.9%. As has been the case, the underlying details remain mixed, and the Federal Reserve’s Summary of Economic Data report suggested that the 2% inflation target will not be reached until the end of 2026.     

 

A further look into the numbers shows that the largest factor in GDP growth has been government spending. Over the last couple of years, the government spent about $11T for about $1.5T in real growth. The effects of massive government overspending may lead to a dilemma for the Fed over the coming months. Almost $9T in government debt has to be repackaged this year, and with projected US government interest payments exceeding $1T for the first time, the Fed may have to decide between inflation and order in the Treasury markets. There have been challenges in the Treasury markets over the past couple of years, and while Treasure markets are not part of the Fed mandate, it is a pollical year.

 

Crypto Public Company Activity

 

ETHEREUM ETF NEWS: Now that Bitcoin ETFs have been approved, attention is turning to an Ethereum ETF. The SEC pushed back its decision on Blackrock’s proposed ETF with no explanation aside from needing more time.  The SEC must make a final decision by August 7th but is expected to decide in May as a decision on VanEck and Ark 21 Shares applications must come by late May.  Final decision due dates also include Grayscale (June), Invesco Galaxy (July) and Fidelity (August).

 

SEC NEWS:  According to research compiled by Milk Road, the SEC significantly increased enforcement in the Crypto sector by 53% over 2022 with 46 enforcement actions. Key statistics published in Milk Road include:

 

  • $281M in fines
  • 82% involved fraud charges
  • 37% targeted unregistered ICO securities

 

SEC chair Gary Gensler has been a vocal advocate of greater scrutiny of Crypto. The SEC’s actions reinforce his views and can be attributed to multiple key factors:

 

  • Focus on overall investor protection
  • Concerns about unregistered securities
  • Scrutiny of Crypto trading platforms with a  focus on lack of registration, manipulative practices, and inadequate investor protection

 

Given the current view of the SEC and Mr. Gensler, SEC enforcement activity is not expected to decline in the near future.