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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
March 15, 2024
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News on Macro Economic Data

 

This week continues the flow of negative economic information supporting the thesis that inflation is reigniting.  The February CPI came in higher than expected at 0.4%, which is an increase from the hotter than expected 0.3% in January.  The PPI came in at 0.6% (1.6% YoY) for February, twice the expected 0.3%.  Energy prices were the largest component of the PPI increase, and these energy costs have not yet made their way completely through the supply chain. 

 

Some economists suggest the CPI rise is due to a strong economy and point to the continued strength of the consumer.   The numbers supporting a healthy consumer segment are also not positive.   Retail sales were weaker than expected, rising 0.6% in February, and 1.5% YoY – the 24th straight month that retail sales, adjusted for inflation, have been flat.   Additionally, the National Restaurant Association reported that January was the weakest month for sales and traffic since Covid.   Against this backdrop real disposable income continues to fall, debt to income ratio is at the highest since The Great Recession, and loan delinquencies continue to rise. 

 

 Crypto Public Company Activity

 

In May 2023, Digital Asset, Goldman Sachs, Microsoft, BNP, Deloitte and other leading companies agreed to collaborate on the development of the Canton Network to make more efficient, interconnected blockchain-based financial services transactions available.

 

In a significant event, Canton completed a highly successful four-day trial of the network.  The trial included 155 participants from 13 banks, 4 custodians, 15 asset managers, 3 exchanges, and financial markets infrastructure providers, including Goldman Sachs, Broadridge, BNY Mellon, BNP Paribas, Standard Chartered, VISA and others.  

 

22 dApps – covering various segments, including fund, cash and bond registries and trading, margin and financing solutions – executed over 350 simulated transactions for asset tokenization, fund registry, digital cash, repo, securities lending and margin management.

 

According to a statement, the success of these transactions showed how the network could “reduce counterparty and settlement risk, optimize capital and enable intraday margin cycles”.  It was shown that the dApps demonstrated proficiency in achieving real-time settlement and immediate reconciliation across counterparty systems, while also complying with asset control, security and data privacy regulations.