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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

Ryan McCulloch
December 13, 2024
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This week, Coincheck (NASDAQ: CNCK), the largest retail crypto exchange in Japan, officially began trading on the Nasdaq after a challenging de-SPAC process that commenced in March 2022. The company ended the week at $12.03, 20% higher than its initial SPAC price of $10.02, with a total enterprise value (EV) of $1.5 billion.

When the SPAC merger was initially announced, Coincheck proposed a valuation of $1.25 billion. Unlike the typical decline in valuation often observed upon the closing of SPAC deals, Coincheck’s market performance has aligned closely with its original announcement, marking a notably positive exception to the trend.

This marks the second major cryptocurrency exchange to go public, following Coinbase, and provides investors with an opportunity to geographically diversify their exposure to public crypto equity.

Coincheck currently trades at an EV/LTM Revenue multiple of 20.3x and an EV/LTM EBITDA multiple of 49.6x. These valuations appear to be quite robust, with Coinbase’s corresponding multiples being 14.1x and 49.6x.

 

Financials 

(FY ending in Mar.)

 2022 2023 2024
Revenue 

(net fees only)

 $233.9M $55.1M $61.1M
Adj. EBITDA $118.0M $(27.1M) $23.3M

 

We are on record, in the WSJ, saying that we expect to see more IPOs in 2025 and 2026 under the incoming administration. It’s encouraging to see more high-quality crypto companies entering the public markets, further bolstering the ecosystem through enhanced liquidity.