ARCHITECT SUCCESSES

SEE ALL
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
March 1, 2024
DOWNLOAD FULL REPORT

News on Macro Economic Data

This week’s data confirmed that the economy is still facing challenges, with core PCE, the Fed’s favored inflation measurement, rising 0,4% (2.8% annualized) which is the fastest rate of increase in four months.  Coupled with the latest core CPI report of 3.9% annual inflation rate, it’s clear that sticky inflation remains.  It also represents the second report in a row in which inflation has accelerated.

 

In addition to rising inflation, the expected 1.5% increase in pending home sales report came in with a sharp decline of 4.9%, the manufacturing index fell for the sixteenth month in a row to 47.8, the manufacturing workweek continues to contract, and consumer sentiment came in at a recessionary level of 76.9.  

 

Views from Fed governors who have spoken this week didn’t provide much clarity, as opinions ranged from suggesting further hikes, to unsure about cuts, to suggesting cuts beginning this summer.  

 

Crypto Public Company Activity

One week after bitcoin ETF approvals, bitcoin lost an amazing $80B in market cap.  Since then, bitcoin has been on a tear, up more than 48% year to date.   The question is, what is causing such a large move in such a relatively short period?

 

Much of the activity has to do with continued investment in the ETFs.  This institutional support enables bitcoin to be a portion of portfolio management planning.  According to an interview with TheStreetCrypto, analyst Scott Melker, “The ETFs’ demand is 10x that of new bitcoin being mined on a daily basis.  We know that roughly 75% of all bitcoin buying right now is for the ETFs, and we also know that yet another bitcoin halving is coming in April.”  Bitcoin halvings have historically led to price increases.

 

Another factor is increased industry optimism.  ETF approval was a watershed event after the crypto winter given the numerous bankruptcies and legal issues that occurred.   While regulatory uncertainty still exists, ETF approval added stability, and changes to the industry seem to have limited near-term exposure to serious and impactful negative news.