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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

Elliot Chun
April 26, 2024
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Is BTC Mining good for the environment?

 

Today, this is a loaded question with fierce arguments on both sides.

 

On the not-good side, naysayers point to the total amount of energy used and the use of carbon-based sources of power.

 

On the good side, proponents focus on the BTC Mining industry’s ability to adapt and react to real-time energy usage and its use of non-carbon energy sources.

 

Not surprisingly, I am 100% on the BTC Mining is long term good for the environment side, but we are early in our journey and there will almost always be new ways that the industry can improve. 

 

PayPal agrees as they announced that they will be further incentivizing BTC Miners who use low-carbon energy sources. PayPal partner EnergyWeb will implement a clean energy validation platform that confirms a Miner’s low-carbon operations. These “Green Miners” will be associated with a public key and certain on-chain transactions will be preferentially routed to these green miners, one can earn additional BTC rewards.

 

The key takeaway is that incentives drive behavior and PayPal is helping the BTC Mining industry by improving its good-for-the-environment narrative by offering additional BTC rewards within the operating framework of the BTC protocol.

 

Block announced their own new BTC mining system this week, which includes a three-nanometer BTC mining chip, a full tapeout design with a leading semiconductor foundry, and the development of a full bitcoin mining system. There is a lot behind these statements, especially as Block is solving for both the hardware and the software components that make up this industry, and there will be long term environmental benefits as a result. Surely Block’s comprehensive mining system is an aggressive endeavor that has yet to be achieved by any single market participant, but if there is a company with the BTC passion, resources, talent, and resolve to make their own mining system a reality, it’s the team at Block.

 

The fact that BTC Mining continues to work in a decentralized environment after 15 years, four Havlings and zero downtime, errors, or hacks is a modern-day miracle on its own. PayPal, Block and many others in the industry are constantly striving to improve the most sophisticated computer network and its innovative incentivization network. These types of market participants are the reason that almost everyone will eventually believe that BTC Mining is good for the environment.

 

Finally, Bakkt announced a 1-for-25 Reverse Stock Split, in order to regain compliance with the price criteria of NYSE’s Listing Rule.